HURON INVESTMENT FUND, INC.
Statement of Assets and Liabilities
June 30, 1996
(Unaudited)
Assets
Investments, at value (@ cost $1,016,229,507.07) $1,056,540,723
Cash 56,148
Dividends receivable 1,336,793
Interest receivable 9,130
Prepaid expenses 100,856
Deferred organization cost, net 7,372
Receivable for securities sold - unsettled trades 387,444
Total Assets 1,058,438,466
Liabilities
AMPS dividends payable (note 4) 1,492,333
Payable for securities purchased - unsettled trades 205,013
Accrued expenses 239,311
Notes payable (note 5) 213,500
Accrued interest expense 5,898
Total Liabilities 2,156,055
Net Assets $1,056,282,411
Net assets are represented by:
Series A Auction Market Preferred Stock, $.01 par value at liquidation
preference $100,000 per share, 1,000 shares authorized, issued and
outstanding 100,000,000
Series B Auction Market Preferred Stock, $.01 par value at liquidation
preference $100,000 per share, 1,000 shares authorized, issued and
outstanding 100,000,000
Series C Auction Market Preferred Stock, $.01 par value at liquidation
preference $100,000 per share, 1,000 shares authorized, issued and
outstanding 100,000,000
Series D Auction Market Preferred Stock, $.01 par value at liquidation
preference $100,000 per share, 1,000 shares authorized, issued and
outstanding 100,000,000
Series E Auction Market Preferred Stock, $.01 par value at liquidation
preference $100,000 per share, 500 shares authorized, issued and
outstanding 50,000,000
Common stock at par value, $.01 per share, 199,995,500 shares authorized,
61,376,240.20 shares issued and outstanding 613,762
Additional paid-in capital 565,357,433
Net unrealized appreciation of investments 40,311,216
Net Assets $1,056,282,411
Net asset value per common shares outs $9.88
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Operations
For the period from March 4, 1996 (commencement of operations) to June 30, 1996
(Unaudited)
Investment income:
Dividend income $6,413,977
Interest income 30,678
Total investment income 6,444,655
Expenses:
Broker dealer fee 329,465
Legal fees 20,422
Rating agencies fees 32,606
Independent accountants 12,568
Auction agent fee 9,074
Custody / administration fees (note 2) 49,331
Directors fees and expenses 4,129
Interest expense 5,898
Insurance 6,010
Investment management fee (note 2) 41,138
Amortization of organizational costs 628
Total expenses 511,269
Net investment income 5,933,386
Net realized and unrealized gains on investments:
Net realized gain on investments:
Proceeds from sales $18,399,199
Cost of securities (17,350,613)
1,048,586
Unrealized appreciation of investments:
Beginning of period 0
End of period 40,311,216
Increase in net unrealized appreciation of investments 40,311,216
Net increase in net assets
resulting from operations $47,293,188
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Statement of Changes in Net Assets
For the period from March 4, 1996 (commencement of operations) to June 30, 1996
(Unaudited)
From operations:
Net investment income $5,933,386
Net realized gain on investments 1,048,586
Net change in unrealized appreciation on investments 40,311,216
Increase in net assets resulting
from operations 47,293,188
Dividends to stockholders from net investment income:
Auction market preferred stock (5,508,313)
Common stock (425,073)
(5,933,386)
Dividends to stockholders from net realized gains
Auction market preferred stock 0
Common stock (1,048,586)
Decrease in net assets resulting
from dividends to stockholders (6,981,972)
Increase (decrease) from capital share transactions:
Issuance of auction market preferred stock 450,000,000
Issuance of common stock 614,497,536
Return of capital (48,526,341)
1,015,971,195
Total increase in net assets 1,056,282,411
Net assets:
Beginning of period 0
End of period $1,056,282,411
See accompanying notes to the financial statements.
HURON INVESTMENT FUND, INC.
Financial Highlights
For the period from March 4, 1996 (commencement of operations) to June 30, 1996
(Unaudited)
For a share of common stock outstanding throughout the period:
Net asset value, beginning of period $10.00
Net investment income 0.10
Net gains on investments
realized and unrealized 0.68
Total from investment operations 0.78
Less distributions from net investment income and net realized gains:
Common share equivalent of dividends paid
to AMPS holders (0.09)
Dividends paid to common shareholders (0.02)
Total distributions (0.11)
Increase (decrease) from capital share transactions:
Return of capital (0.79)
Net asset value, end of period $9.88
Total investment return 7.81%
Net assets at end of period (000s) $606,282
Ratio of expenses to average net assets applicable to common
shares 0.05%
Ratio of net investment income to average net assets applicable
to common shares + 0.04%
Portfolio turnover 0.99%
+Net investment income is adjusted for distributions paid to AMPS holders.
*Total investment return for the period; not annualized.
See accompanying notes to financial statements.
HURON INVESTMENT FUND, INC.
Notes to the Financial Statements
June 30, 1996
(1) Organization and Significant Accounting Policies
The Huron Investment Fund, Inc. (the "Fund") is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Fund commenced
investment operations on March 4, 1996.
The Fund's objective is long-term capital appreciation with income as
a secondary objective. The Fund's investments consist primarily of
common stocks of large, medium and small capitalization U.S.
companies, non-U.S. companies whose shares are listed on a U.S.
exchange and American depository receipts of non-U.S. companies that
are traded in the U.S.
In March 1996, the Fund issued $400 million of Auction Market
Preferred Stock ("AMPS") and purchased securities with an aggregate
fair value of $1,013,761,402 from a collective trust fund for
employee benefit plans in exchange for 61,376,140.20 shares of common
stock and $400 million in cash. In June 1996, the Fund issued an
additional $50 million of AMPS and paid a common stock dividend with
the proceeds.
The following is a summary of significant accounting policies
consistently followed by the Fund in preparation of its financial
statements.
(a) Security Valuation
Investments in securities traded on a national securities
exchange (or reported on the Nasdaq national market) are valued
at the last reported sales price on the primary exchange.
Temporary investments are valued at amortized cost which
approximates fair value.
(b) Security Transactions
Security transactions are accounted for on a trade date basis.
The cost of securities sold is determined using the identified
cost method. Dividend income is recorded on ex-dividend date.
(c) Federal Income Taxes
It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment
companies and distribute its taxable income to shareholders.
Therefore, no provision for Federal income tax is required.
(d) Distribution of Income and Gains
The Fund distributes substantially all of its taxable income in
excess of the dividends paid to the preferred stockholders to the
common stockholder. Dividends to the common stockholder are
declared and paid at least annually. Net capital gains, if any,
are distributed annually.
(e) Reclassification Policy
It is the Funds' policy to reclassify certain amounts to
conform to the current year's presentation when necessary.
(f) Use of Estimates
Estimates and assumptions are required to be made regarding
assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in
the economic environment, financial markets and any other
parameters used in determining these estimates could cause
actual results to differ from these amounts.
(2) Related Party Transactions
A collective trust fund for employee benefit plans is the sole common
stockholder of the Fund. Certain officers and directors of the Fund
are affiliated with the common stockholder. No fees or expenses were
paid to the affiliated officers and directors.
For the period March 4, 1996 (commencement of operations) to June 30,
1996, dividends paid to the common stockholder were $1,465,659.
For the period March 4, 1996 (commencement of operations) to June 30,
1996, the Fund made a return of capital distribution to the common
stockholders in the amount of $48,534,341.
Comerica Bank serves as both custodian and administrator for the
Fund. An affiliate of Comerica Bank serves as investment advisor to
the Fund. The annual investment management fee is 0.01% of
average equity investments. The management fee is calculated and
accrued on a monthly basis.
(3) Investment Transactions
The aggregate cost of securities purchased and the aggregate proceeds
of securities sold, for the period March 4, 1996 (commencement of
operations) to June 30, 1996 were $10,336,129 and $18,399,199,
respectively.
As of June 30, 1996 based on cost for Federal income tax purposes,
the aggregate gross unrealized appreciation and depreciation for all
securities were $82,031,585 and $41,720,369, respectively.
(4) Auction Market Preferred Stock
The Fund has outstanding at June 30, 1996, 1000 shares each of Series
A, Series B, Series C, and Series D AMPS, and 500 shares of Series E
AMPS at a liquidation value of $100,000 per share. Dividends are
cumulative from the date of original issue and are paid every 49 days
at a rate set through a Dutch Auction. The AMPS rates in effect on
June 30, 1996 were 4.1%, 4.09%, 4.08% and 4.1% for Series A, Series
B, Series C, Series D and Series E, respectively.
Each series of AMPS is redeemable at the option of the Fund in whole,
but not in part, at a price of $100,000 per share plus accumulated
and unpaid dividends. The Fund is subject to certain asset coverage
tests, and the AMPS are subject to mandatory redemption if the tests
are not met.
In addition, the AMPS are subject to mandatory redemption if the Fund
ceases to qualify as a regulated investment company or if Merrill Lynch
Pierce, Fenner & Smith Incorporated ceases to Be the broker dealer.
The liquidation value under mandatory redemption of the AMPS is $100,000
per share plus accumulated and unpaid dividends.
(5) Notes Payable
As of June 30, 1996, the Fund had $213,500 of principal notes
outstanding to investors. The notes due on March 15, 2021, bear
interest at a floating rate. The interest rate, which resets
annually, is set at the one-year U.S. Treasury bill rate plus 3.50%.
As of June 30, 1996, the Fund was paying interest at 8.5% per annum.
HURON INVESTMENT FUND, INC.
Portfolio of Investments
June 30, 1996
Shares Market
Outstanding Value
COMMON STOCK
BUILDING AND CONSTRUCTION 1.97%
BUILDING EQUIPMENT
2,400 ACME CLEVELAND CORP 72,000
31,000 CLAYTON HOMES INC 620,000
7,500 SIMPSON MFG INC 150,000
BUILDING MATERIALS
3,600 ABT BLDG PRODS CORP 81,000
22,100 ALLEGHENY LUDLUM CORP 417,138
500 AMERICAN BILTRITE INC 10,188
2,300 AMERICAN BUILDING CO 67,275
1,900 AMERON INTERNATIONAL CORP 75,050
13,300 CALGON CARBON CORPPTURE 179,550
3,900 CENTEX CONSTRUCTION PRODU 55,088
10,000 CHAMPION INTL CORP 417,500
3,700 COMMONWEALTH ALUMINUM 57,813
9,612 D R HORTON INC 100,926
8,000 DURIRON INC 192,000
3,200 ELCOR CORP 58,400
7,100 EXABYTE 92,744
4,400 FLORIDA ROCK IND 113,850
9,500 GEORGIA PACIFIC CORP 674,500
3,600 GIANT CEMENT HOLDING INC 45,450
49,300 HOME DEPOT 2,662,200
200 ICC TECHNOLOGIES INC 1,175
1,600 INTERNATIONAL ALUM CORP 40,400
4,000 LONE STAR INDUSTRIES INC 134,500
17,100 LONGVIEW FIBRE CO 290,700
10,900 LOUISIANA PAC CORP 241,163
3,200 MARTIN MARIETTA MATERIALS 77,600
16,600 MASCO CORP 502,150
2,800 MAXXAM INC 109,900
1,900 NCI BUILDING SYSTEMS INC 64,125
4,200 NVR INC 46,725
4,900 NATIONAL SVC INDS 191,713
4,200 NORTEK INC 48,825
24,000 RPM INC. 375,000
3,400 SCOTSMAN INDS INC 68,425
5,300 TRIANGLE PACIFIC CORP 104,675
16,900 USG CORP NEW 471,088
11,900 VULCAN MATLS CO 706,562
CEMENT
7,600 CALMAT CO 137,750
37,400 LAFARGE CORP 757,350
2,000 PUERTO RICAN CEMENT CO 62,250
5,700 SOUTHDOWN INC 133,950
CONSTRUCTION EQUIPMENT
6,200 CMI CORP CL A 33,325
3,500 GIDDINGS & LEWIS 56,875
PAINT AND FLAT GLASS
8,800 SHERWIN WILLIAMS CO 409,200
11,700 VALSPAR CORP 538,200
INDUSTRIAL CHEMICALS
18,300 ALBEMARLE CORP 333,975
9,200 BETZ LABS INC 403,650
8,000 DEXTER CORP 238,000
39,100 ETHYL CORP 376,337
4,600 FULLER H B CO 166,750
7,100 GREAT LAKES CHEM CRP 441,975
20,700 LUBRIZOL CORP 628,762
23,700 PPG INDUS INC 1,155,375
6,900 ROHM & HAAS CO 432,975
11,000 WELLMAN INC 257,125
18,500 WITCO CORP 635,937
MISCELLANEOUS
50,900 ADT LTD 960,737
28,100 AMERICAN STANDARD COS INC 927,300
1,900 CHRISTIANA COS INC. 40,375
10,000 COMMERCIAL INTERTECH 257,500
1,400 CORRPRO COS INC 12,425
12,500 FASTENAL CO. 543,750
8,500 FLUOR CORP 555,687
9,700 FOAMEX INTL INC 118,825
5,850 GRANITE CONSTR INC 134,550
8,300 JACOBS ENGR GROUP 218,912
12,500 MORRISON KNUDSEN CORP 14,062
4,000 REDMAN INDUSTRIES INC 83,000
2,800 SCHULER HOMES INC 19,950
4,600 ZURN INDUSTRIES INC 95,450
TOTAL BUILDING & CONSTRUCTION $20,799,682
CHEMICALS AND DRUGS 9.63%
CHEMICALS
9,600 ARCO CHEMICAL CO 499,200
23,000 AIRGAS INC. 437,000
11,600 ARCADIAN CORP 229,100
3,700 BLESSINGS CORP 37,925
2,200 BUSH BOAKE ALLEN INC 47,850
25,200 CABOT CORP 617,400
2,100 CAMBREX CORP 107,363
16,100 CROMPTON & KNOWLES 269,675
27,400 DOW CHEMICAL CO 2,082,400
57,400 DUPONT DENEMOURS & CO 4,541,775
9,700 EASTMAN CHEMICAL 590,488
3,700 FMC CORP-NEW 241,425
9,100 FERRO CORP 241,150
9,800 GEON CO 220,500
12,700 GEORGIA GULF CORP 371,475
10,100 GRACE WR & CO 715,838
17,700 HANNA M A CO 369,488
13,500 HERCULES INC 745,875
32,620 IMC GLOBAL, INC. 1,227,328
1,100 LANDEC CORP 20,900
14,900 LAWTER INTL 186,250
4,300 LEARONAL INC. 107,500
3,000 LESCO INC OHIO 54,000
11,700 LOCTITE CORP 544,050
26,200 LYONDELL PETROCHEMICAL 632,075
8,500 MISSISSIPPI CHEMICAL CORP 170,000
59,500 MONSANTO CO 1,933,750
15,300 MORTON INTERNATIONAL 569,925
2,700 NCH CORP 173,475
7,200 NALCO CHEM CO 226,800
4,700 OM GROUP 184,475
3,500 OIL DRI CORP AMER 52,063
8,000 OLIN CORP 714,000
3,900 PETROLITE CORP 122,606
14,500 PRAXAIR INC 612,625
5,700 REXENE CORP NEW 56,288
12,400 SCHULMAN A INC 303,800
5,000 SIGMA-ALDRICH CORP 267,500
8,300 SOMATOGEN INC 117,238
3,600 STEPAN CO. 65,250
18,300 STERLING CHEMICALS 212,738
2,000 SYBRON CHEM INDS INC 29,000
6,200 SYNETIC INC 229,400
19,100 UNR INDS INC 183,838
13,900 UNION CARBIDE CORP 552,525
9,000 UNIROYAL CHEMICAL CORP 133,875
5,900 WEBB DEL CORP 118,000
DRUGS
84,300 ABBOT LABS 3,667,050
3,900 AGOURON PHARMACEUTICALS 152,100
4,900 ALPHA BETA TECHNOLOGY INC 43,488
10,000 ALZA CORP CL A 273,750
64,800 AMERICAN HOME PRODUCTS 3,896,100
27,500 AMGEN INC 1,485,000
10,500 AMYLIN PHARMACEUTICALS 112,875
9,300 APPLIED BIOSCIENCES INTL 97,650
12,000 ATHENA NEUROSCIENCES INC. 205,500
4,650 BARR LABS INC 119,738
13,100 BERGEN BRUNSWIG 363,525
4,000 BINDLEY WESTN INDS INC. 67,000
1,500 BONE CARE INTERNATIONAL 9,750
52,400 BRISTOL MYERS SQUIBB CO 4,716,000
21,569 CARDINAL HEALTH INC 1,555,664
2,800 CARRINGTON LABS INC 72,800
15,200 CARTER WALLACE INC 222,300
800 CONNECTIVE THERAPEUTICS 8,000
6,000 COPLEY PHARMACEUTICAL 79,500
4,500 DURA PHARMACEUTICALS INC 252,000
14,800 ENGLEHARD CORP 340,400
4,600 FAULDIG INC 20,125
8,400 FOXMEYER HEALTH CORP 124,950
2,250 FUISZ TECHNOLOGIES LTD 42,750
47,800 GENENTECH INC SPECIAL COM 2,503,525
13,800 GENSIA PHARMACEUTICALS 69,863
10,200 GILEAD SCIENCES INC 257,550
19,200 ICN PHARMACEUTICALS INC 446,400
12,000 ICOS CORP 105,000
1,100 IGI INC 8,662
2,400 INCYTE PHARMACEUTICALS 92,550
12,000 INTERNUERON PHARM INC. 360,000
8,500 ISIS PHARMACEUTICALS 159,375
9,900 LIDAK PHARMACEUTICAL CL A 24,441
10,000 LIGAND PHARMACEUTCAL CL B 166,250
57,900 LILLY ELI & CO 3,763,500
5,900 MATRIX PHARMACEUTICAL INC 106,200
14,500 MCKESSON CORP NEW 690,562
127,600 MERCK & CO., INC 8,246,150
39,300 MYLAN LABS INC 677,925
800 NEOSE TECHNOLOGIES INC 16,400
3,700 NEUROGEN CORP 95,275
25,100 PERRIGO CO. 282,375
52,000 PHARMACIA & UPJOHN INC 2,307,500
68,400 PFIZER INC 4,882,050
9,600 RIBI IMMUNOCHEM RESH INC 45,000
7,800 SCHERER R P CORP DEL 353,925
39,800 SCHERING PLOUGH 2,497,450
6,800 SEPRACOR INC 102,000
7,900 SYSTEMED INC DEL 22,959
5,700 VICAL INC 91,200
28,000 WARNER-LAMBERT 1,540,000
11,400 WATSON PHARMACEUTICALS 431,775
17,700 XOMA CORP 119,475
COSMETICS
2,800 ALBERTO CULVER CO CL B 129,850
14,400 AVON PRODUCTS INC 649,800
3,000 FOSSIL INC 43,500
10,900 HERBALIFE INTL INC 160,775
1,100 INBRAND CORP 30,800
11,600 INTL FLAVORS & FRAGRANCES 552,450
3,800 JEAN PHILIPPE FRAGRANCES 32,775
18,400 LAUDER ESTEE COS INC 777,400
11,300 PLAYTEX PRODUCTS INC 105,938
8,000 THERMOLASE CORP 218,000
HEALTH PRODUCTS/CARE
3,200 AHI HEALTHCARE SYSTEMS 22,400
9,100 ACUSON COM 145,600
2,000 ADVANCED MAGNETICS INC 36,500
6,700 ALLERGAN INC 262,975
2,800 AMERICAN HOMEPATIENT INC 123,900
8,000 AMERISOURCE HEALTH CL A 266,000
3,800 APHTON CORP 70,775
16,100 APRIA HEALTHCARE GRP INC 505,138
8,700 ARROW INTL INC 234,900
5,900 BARD CR INC 200,600
6,300 BAUSCH & LOMB 267,750
29,400 BAXTER INTL INC. 1,389,150
7,300 BECTON DICKINSON & CO 585,825
10,100 BEVERLY ENTERPRISES INC 121,200
11,600 BIOGEN INC 636,550
7,100 BLOCK DRUG CL A 298,200
5,000 CAPSTONE PHARMACY SVCS 64,375
32,100 CAREMARK INTERNATIONAL 810,525
19,000 CENTOCOR 567,625
1,700 CHAMPION HEALTHCARE CORP 19,338
3,600 CHRONIMED INC 66,150
2,000 CLINTRIALS RESEARCH INC 83,000
8,600 COASTAL PHYSICIAN GROUP 59,125
45,900 COLUMBIA/HCA HEALTHCARE 2,461,388
8,100 COLOMBIA LABS INC COM 120,487
4,600 COMMUNITY PSYCH CENTERS 43,700
10,200 CORAM HEALTHCARE CORP 42,075
9,600 CRAIG JENNY INC 171,600
4,300 DIAGNOSTIC PRODUCTS CORP 165,550
800 EMERITUS CORP 14,100
14,900 FOREST LABS 575,512
6,800 FRESENIUS USA INC 146,200
33,300 GENERAL NUTRITION CO 582,750
45,900 GILLETTE CO 2,863,012
25,000 GUIDANT CORP 1,231,250
5,100 GULF SOUTH MEDICAL SUPPLY 198,900
1,100 HCIA INC 69,300
38,850 HEALTH MGMT IN CL A NEW 786,712
8,400 HEALTH SYS INTL INC COM 227,850
8,900 HEALTHDYNE TECHNOLOGIES 115,700
21,100 HEALTHSOURCE INC 369,250
16,700 HORIZON/CMS HEALTHCARE 215,012
5,700 HYDRON TECHNOLOGIES INC 14,606
2,600 ICU MED INC 35,750
5,700 I-STAT CORP 107,587
8,300 IMMUNEX CORP NEW 113,087
1,100 INCONTROL INC 12,925
3,800 INTEGRA LIFESCIENCES 37,050
4,600 KERAVISION INC 71,875
3,000 MARTEK BIOSCIENCES CORP 87,750
5,200 MEDPARTNERS/MULLIKIN INC 108,550
17,400 MID ATLANTIC MED SVCS 247,950
3,500 MINIMED INC 104,125
8,100 MULTICARE COS INC 153,900
800 NEOPATH INC 20,200
8,900 NEXSTAR PHARMACEUTICALS 198,025
3,700 NORTHFIELD LABORATORIES 54,575
8,200 OEC MEDICAL SYSTEMS INC 111,725
9,000 ONCOR INC 49,500
3,000 ORTHODONTIC CTRS OF AMER 79,500
25,800 OXFORD HEALTH PLANS INC 1,061,025
15,200 PHYSICIAN RELIANCE NETWK 338,200
13,000 PHYSICIAN SALES & SVC 315,250
17,700 PHYSICIAN CORP OF AMERICA 234,525
2,800 PHYSICIANS RESOURCE GROUP 93,450
700 PROJECT SOFTWARE & DEV 32,812
2,300 PRONET INC 28,175
5,600 QUINTILES TRANSNATIONAL 368,200
4,050 RTW INC 127,575
7,600 RENAL TREATMENT CTRS INC 218,500
1,200 RES-CARE INC 28,800
7,500 REXALL SUNDOWN INC 202,500
22,300 RHONE POULENC RORER INC 1,496,887
8,800 ROTECH MED CORP 171,600
5,900 SERAGEN INC 25,812
1,500 SHERIDAN HEALTHCARE INC 14,250
3,900 STAAR SURGICAL CO 60,937
2,600 STERLING HEALTHCARE GRP 52,000
2,500 SUMMIT CARE CORP 55,000
12,100 TAMBRANDS INC 494,587
24,200 TENET HEALTHCARE CORP 517,275
2,074 TEVA PHARM INDS LTD ADR 78,553
7,500 THERATX INC 142,500
350 TREX MEDICAL CORP 6,606
12,900 UNILAB CORP 20,156
2,400 UNITED AMERN HEALTHCARE 25,200
19,165 UTD HEALTHCARE CORP 967,832
17,600 U S HEALTH CARE INC 968,000
6,000 U S SURGICAL 186,000
7,600 UROMED CORP 104,500
4,100 VETERINARY CNTRS OF AMER 91,737
5,100 VIVUS INC 167,025
MISCELLANEOUS
8,300 MOLTEN METAL TECHNOLOGY 244,850
15,800 TYCO LABS INC 643,850
TOTAL CHEMICALS AND DRUGS $101,692,639
CONSUMER PRODUCTS 13.20%
CONFECTIONS AND BEVERAGES
26,900 ANHEUSER-BUSCH COS 2,017,500
5,900 BOSTON BEER INC 141,600
7,000 BROWN FORMAN INC CL B 280,000
7,400 CANADAIGUA WINE INC CLB 215,063
268,800 COCA COLA CO 13,137,600
42,700 COCA COLA ENTERPRISES 1,478,488
2,500 HART BREWING INC 25,625
162,800 PEPSICO INC 5,779,400
3,100 PETES BREWING CO 46,500
2,600 REDHOOK ALE BREWERY INC 60,450
2,285 SOFTKEY INTL INC-NON VTG 43,272
13,802 TOOTSIE ROLL INDS 491,696
CONTAINERS
6,400 AVERY DENNISON CORP 351,200
3,100 BALL CORP 89,125
5,500 BEMIS CO 192,500
9,400 CROWN CORK & SEAL INC 423,000
2,400 LIQUI BOX 72,000
4,400 SEALRIGHT CO. INC. 47,850
5,700 TEMPLE INLAND INC 266,475
DAIRY PRODUCTS
13,200 DEAN FOODS INC 326,700
4,100 DREYERS GRD ICE CREAM 129,150
31,300 IOWA BEEF PROCESSOR 864,663
PACKAGED FOOD
2,600 ALICO INC. 50,700
60,500 ARCHER DANIELS MIDLAND CO 1,157,063
2,600 BEN & JERRYS HOMEMADE CLA 44,200
3,500 BRIDGFORD FOODS CORP 25,375
4,100 BROTHERS GOURMET COFFEE 14,350
900 CAGLES INC 14,513
25,800 CAMPBELL SOUP CO 1,818,900
6,400 CHURCH & DWIGHT INCTURE 133,600
28,200 CONAGRA 1,279,575
600 FARMER BROS CO 82,800
4,840 FINANCIAL TR CORP 140,360
18,900 FLOWERS INDUS INC 304,763
1,600 FOODBRANDS AMERICA INC 20,600
38,200 HEINZ H J CO 1,160,325
8,300 HERSHEY FOODS CORP 609,013
28,400 HORMEL FOODS CORP 759,700
7,200 HUDSON FOODS INC CL A 100,800
5,600 JP FOODSERVICE INC 140,000
23,400 KELLOGG CO 1,714,050
10,100 LANCE INC 166,650
3,500 MIDWEST GRAIN PRODUCTS 45,500
6,700 MORNINGSTAR GROUP INC 74,538
18,300 NABISCO HOLDINGS CORP CL 647,363
1,700 PERFORMANCE FOOD GROUP CO 44,200
87,700 PHILLIP MORRIS CO INC 9,120,800
7,500 PILGRIMS PRIDE CORP 67,500
7,600 PIONEER HI BRED INTL INC 401,850
13,800 QUAKER OATS CO 470,925
12,200 RALCORP HOLDINGS INC 251,625
10,900 RALSTON-RALSTON PURINA GR 698,963
2,000 RIVIANA FOODS INC 30,250
3,800 SANDERSON FARMS INC 47,500
50,000 SARA LEE CORP 1,625,000
400 SEABOARD CORP DEL 79,400
9,600 SMUCKER J M CO. 188,400
18,800 SYSCO CORP 643,900
2,600 TREMONT CORP DEL NEW 93,925
8,500 UNIVERSAL FOODS CORP 313,438
2,500 WHOLESOME & HEARTY FOODS 19,375
3,200 WOLOHAN LUMBER CO 32,800
11,800 WRIGLEY WM JR CO 595,900
PAPER
9,900 ALBANY INTER CORP CL A 223,988
1,400 AMERICAN FILTRONA CORP 44,800
5,000 BOISE CASCADE CORP 183,125
12,600 BOWATER CORP 474,075
7,800 CHESAPEAKE CORP 204,750
14,600 CONSOLIDATED PAPERS 759,200
3,400 CROWN VANTAGE INC 49,300
23,800 FORT HOWARD CORP NEW 473,025
17,700 GAYLORD CONTAINER CL A 138,281
5,300 GIBSON GREETINGS INC 72,875
14,600 GLATFELTER PH CO 268,275
31,263 INTERNATIONAL PAPER CO 1,152,823
6,300 INTERPOOL INC 114,975
8,500 JAMES RIVER CORP 224,188
28,700 KIMBERLY CLARK CORP 2,217,075
16,600 LOWES COS INC 599,675
6,500 MEAD CORP 337,188
43,500 OWENS ILL INC 696,000
12,100 PENTAIR INC 363,000
3,000 POTLATCH CORP 117,375
9,800 RAYONIER INC 372,400
10,800 ROCK-TENN COMPANY CLA 213,300
22,600 ST JOE CORPORATION 1,457,700
30,300 SONOCO PRODS CO 859,763
50,700 STAPLES INC 988,650
4,000 U S CAN CORPORATION 65,000
7,300 UNION CAMP CORP 355,875
12,100 WAUSAU PAPER MILLS 238,975
10,500 WESTVACO CORP 313,688
22,000 WEYERHAEUSER CO 935,000
5,700 WILLIAMETTE INDUSTRIAL 339,150
PRINTING AND PUBLISHING
7,700 AMERICAN GREETINGS CL A 210,788
7,700 AMERICAN MEDIA INC CL A 40,425
9,900 BANTA CORP 249,975
12,300 BARNES & NOBLE INC 441,263
12,600 BELO AH CORP COM SER A 469,350
6,000 BIG FLOWER PRESS HLDGS 84,750
2,300 CADMUS COMMUNICATIONS 35,363
8,600 CENTRAL NEWSPAPERS CL A 322,500
8,500 DE LUXE CORP. 301,750
2,800 DEVON GROUP 91,000
15,900 DONNELLEY RR & SONS 554,513
2,600 DONNELLY CORP 41,600
10,100 DOW JONES & CO 421,675
2,100 EDMARK CORP 42,000
14,500 GANNETT CO., INC 1,025,875
30,400 GARTNER GROUP INC CL A 1,113,400
6,900 GOLDEN BOOKS FAMILY ENTMT 82,800
4,100 GRAPHIC INDUSTRIES 38,950
3,100 HARLAND JOHN H CO 76,338
5,100 HOLLINGER INTERNATIONAL 58,013
4,800 HOUGHTON MIFFLIN CO 238,800
5,400 KNIGHT-RIDDER INC 391,500
15,500 LEE ENTERPRISES INC 368,125
37,500 MARVEL ENTMT GROUP INC 351,563
9,400 MCCLATCHY NEWSPAPER CL A 259,675
10,000 MCGRAW-HILL COMPANIES INC 457,500
8,700 MEDIA GENERAL INC 324,075
2,700 MEREDITH CORP 112,725
10,100 NEW YORK TIMES CO CL A 329,513
79,100 READERS DIGEST CLASS B 3,114,563
5,000 SCHOLASTIC CORP 310,000
4,700 SCIENTIFIC GAMES HLDGS 136,300
3,600 STECK-VAUGHN PUBG CORP 45,000
42,200 TIME WARNER INC 1,656,350
8,800 TIMES MIRROR CO CL A NEW 382,800
7,700 TRIBUNE CO 559,213
3,600 VALUE LINE INC 122,400
3,600 WASHINGTON POST CO CL B 1,166,400
18,300 WISCONSIN CENT TRANS CORP 594,750
3,300 WORLD COLOR PRESS INC 83,738
RECREATIONAL EQUIPMENT
1,700 AMERISTAR CASINOS INC 22,100
4,700 BALLY ENTERTAINMENT CORP 129,250
3,100 BALLY'S TOTAL FITNESS 13,563
21,400 BOYD GAMING CORP 321,000
10,000 BRUNSWICK CORP 200,000
22,200 CALLAWAY GOLF CO 738,150
2,200 CANNONDALE CORP 44,550
9,991 CHRIS CRAFT INDUS INC 439,604
9,700 COLEMAN INC NEW 411,038
2,700 FAMILY GOLF CENTERS INC 67,838
2,000 FIRST TEAM SPORTS 21,500
1,000 GRIFFIN GAMING & ENTRTMNT 15,500
25,100 HARLEY DAVIDSON INC 1,032,238
10,600 HARRAH'S ENTERTAINMENT 299,450
42,500 INTRNTL GAME TECH 717,188
600 LESLIES POOLMART 10,350
16,800 MGM GRAND INC 669,900
10,300 POLARIS INDUSTRIES INC 351,488
2,700 SHUFFLE MASTER INC 40,500
8,900 SPECTRUM HOLOBYTE INC 51,175
19,600 SUNGLASS HUT INTL INC 477,750
2,100 WEST MARINE INC 150,150
OTHER CONSUMER PRODUCTS
11,700 ALLIANCE ENTERTAINMENT 80,437
22,000 AMERICAN BRANDS INC 998,250
3,900 AMERICAN SAFETY RAZOR CO 39,487
3,300 ARMOR ALL PRODUCTS 49,087
8,500 BLYTH INDS INC 385,687
14,700 BORDERS GROUP INC 474,075
15,400 CINTAS CORP 823,900
5,700 CLOROX CO 505,162
15,000 COLGATE PALMOLIVE CO 1,271,250
5,500 CROSS AT CLASS A 97,625
2,600 CROWN CRAFTS INC 26,650
1,400 CULBRO CORP 83,476
9,800 DIAL CORP ARIZ 280,525
11,400 ECKO GROUP INC 59,850
2,900 FAB INDS INC. 79,025
13,700 FIRST BRANDS CORP 369,900
7,700 GRACO INC. 155,925
7,500 HARCOURT GENERAL INC 375,000
2,400 MAFCO CONS GROUP INC 59,700
43,400 MINNESOTA MNG & MFR 2,994,600
16,400 NEWELL CO. 502,250
12,300 OAKLEY INC 559,650
3,900 ONEIDA LTD. 73,125
4,400 PRESSTEK INC 283,800
70,900 PROCTER & GAMBLE CO 6,425,312
17,900 RUBBERMAID INC 487,775
3,900 RUSSELL CORP 107,737
6,100 SCHWEITZER-MAUDUIT INTL 171,562
44,500 SHAW INDUSTRIES INC 584,062
2,000 SPRINGS INDUS INC 101,000
2,525 STANDARD COMMERCIAL CORP 29,669
6,300 STAN HOME INC 166,950
3,000 SUPERIOR SURGICAL 35,625
7,400 TUPPERWARE CORPORATION 312,650
20,900 UST INC 715,825
8,900 UNITED INS COS 202,475
11,500 UNIVERSAL CORP 304,750
6,600 V F CORP 393,525
17,900 WARNACO GROUP INC CL A 460,925
10,900 WHITMAN CORP 262,962
PHOTOGRAPHY
1,200 AEP INDUSTRIES INC 51,300
4,600 CPI CORP. 75,900
35,400 EASTMAN KODAK CO. 2,752,350
4,500 POLAROID CORP 205,312
HOUSEHOLD FURN/APPLIANCES
4,000 ARMSTRONG WORLD IND 230,500
2,100 CHROMCRAFT REVINGTON INC 49,087
4,200 COORS ADOLPH CO CL B 75,075
3,000 CORT BUSINESS SVCS CORP 58,500
4,100 CULP INC 55,350
9,000 DEPARTMENT 56 INC 203,625
1,000 FALCON PRODS INC 14,375
22,300 FURNITURE BRANDS INTL INC 245,300
31,900 HANOVER DIRECT INC 43,862
700 HAPPINESS EXPRESS INC 1,837
3,100 HAVERTY FURNITURE COS INC 31,775
16,000 HELIG MEYERS CO 384,000
5,000 KIMBALL INT INC CL B 138,125
9,200 LIBBEY INC 255,300
4,300 LIFETIME HOAN CORP 46,225
11,100 MAYTAG CO 231,712
8,300 MIKASA INC 91,300
8,100 MILLER HERMAN INC 248,062
3,300 REX STORES CORP 50,737
30,800 SUNBEAM CORPORATION 454,300
4,400 SYRATECH CORP \N 99,000
RETAIL
60,300 AUTOZONE INC 2,095,425
22,200 BED BATH & BEYOND INC 593,850
6,100 BRADLEES INC 8,387
5,600 CARSON PIRIE SCOTT & CO 149,800
3,000 COLE NATL CORP NEW 60,000
9,000 DUTY FREE INTL 137,250
2,700 FINLAY ENTERPRISES INC 37,125
15,000 INTIMATE BRANDS INC 343,125
21,900 REVCO D S INC NEW 522,862
5,400 SPIEGAL INC CL A 64,125
1,200 SWING-N-SLIDE CORP 4,050
7,400 TJX COS INC (NEW) 249,750
11,800 VALUE CITY DEPT STORES 129,800
7,100 WINDMERE-DURABLE HOLDINGS 93,187
APPAREL
2,700 AMERICAN EAGLE OUTFITTERS 48,262
3,000 ANGELICA CORP 70,875
7,500 ANN TAYLOR STORES INC 151,875
1,700 BROWN GROUP INC 29,537
2,600 CHIC BY H I S INC 13,650
3,100 DECKERS OUTDOOR CORP 26,737
5,000 DONNKENNY INC DEL 97,500
5,700 FRUIT OF THE LOOM CL A 145,350
9,300 GYMBOREE CORP 283,650
8,500 JONES APPAREL GROUP 417,562
11,100 LANDS END INC. 274,725
20,070 LIMITED INC 431,505
7,400 LIZ CLAIBORNE INC 256,225
6,800 MEN'S WEARHOUSE INC 219,300
15,300 NIKE INC CL B 1,572,075
11,400 NINE WEST GROUP 582,825
2,900 NORTON MCNAUGHTON INC 21,025
2,500 QUIKSILVER INC 75,000
9,600 STARTER CORP 82,800
5,200 STRIDE RITE CORP 42,900
12,000 TALBOTS INC 388,500
900 TODAYS MAN 1,069
4,400 UNITED RETAIL GROUP INC 20,075
12,300 WESTPOINT STEVENS INC 293,662
AUDIO/VISUAL
4,400 ACKERLEY COMMUNICATIONS 119,900
3,800 CKS GROUP INC 122,550
1,000 CINERGI PICTURES ENTMT IN 2,250
400 GREY ADVERTISING INC. 88,400
4,400 MOVIE GALLERY INC 92,400
5,300 NATIONAL MEDIA CORP 93,412
23,900 OMNICOM GROUP INC 1,111,350
9,600 SAVOY PICTURES ENTMT INC 51,600
BROADCASTING
5,000 ADELPHIA COMM CORP CL A 37,500
5,600 AMERICAN TELECASTING INC 74,200
12,300 CABLEVISION SYS CORP 568,875
90,700 COX COMM INC CL A NEW 1,961,387
2,300 EZ COMMUNICATIONS INC 54,625
2,900 EMMIS BROADCASTING CORP 145,000
4,100 HEARTLAND WIRELESS COMM 97,375
6,500 HERITAGE MEDIA CORP 259,187
7,100 JACOR COMMUNICATIONS INC 219,212
3,700 KING WORLD INC 134,587
10,900 LIN TELEVISION CORP 392,400
8,900 NEW WORLD COMMUNICATIONS 130,162
10,800 RENAISSANCE COMM. CORP 348,300
20,400 SCRIPPS EW CO CLASS A 951,150
7,200 STARSIGHT TELECAST INC 65,700
8,000 TCA CABLE TV INC 242,000
3,900 TRANSACTION NETWORK SVCS 83,850
81,700 TURNER BROAD. SYS CL B 2,246,750
4,000 UNITED VIDEO SATELLITE 84,000
9,400 UNITED WASTE SYS INC 303,150
7,900 VALUEVISION INTL INC CL A 54,806
3,000 WAVEPHORE INC 24,375
11,800 WESTWOOD ONE INC 179,950
MISCELLANEOUS
400 FEDDERS CORP CL A 2,350
4,600 JOSTENS INC 90,850
13,900 PALL CORP 335,337
2,900 PEAK TECHNOLOGIES GROUP I 67,787
11,700 SERVICE CORP INTL 672,750
26,500 STARBUCKS CORP 748,625
13,200 ZALE CORP NEW 222,750
TOTAL CONSUMER PRODUCTS $139,495,861
DURABLE GOODS 22.73%
AEROSPACE-AIRCRAFT
35,500 BOEING CO 3,092,938
25,900 COLTEC INDS INC 369,075
1,100 CURTISS WRIGHT CORP 59,400
6,400 GENERAL DYNAMICS CORP 396,800
35,000 GENERAL MOTORS CL H 2,104,375
15,200 LITTON INDUS INC 661,200
20,700 LOCKHEED MARTIN CORP 1,738,800
25,200 MCDONNELL DOUGLAS CORP 1,222,200
5,000 NORTHROP GRUMMAN CORP 340,625
6,700 OEA INC 251,250
6,900 POWER CONTROL TECH 62,963
26,700 RAYTHEON CO 1,378,388
22,400 ROCKWELL INTL 1,285,200
6,000 ROHR INDUSTRIES INC 125,250
2,600 SIMULA INC 45,825
2,300 SPECIAL DEVICES INC 36,800
20,200 SUNDSTRAND CORP 739,825
8,900 TEXTRON INC 710,888
6,100 THIOKOL CORP 240,950
13,200 UNITED TECHNOLOGIES CORP 1,518,000
AGRICULTURAL MACHINERY
22,100 CATERPILLAR INC 1,497,275
3,800 CENTRAL TRACTOR FARM & CO 46,550
27,100 DEERE & CO 1,084,000
3,200 TRACTOR SUPPLY CO 72,800
AUTOMOBILE AND PARTS
4,700 APS HOLDING CORP CL A 103,400
7,300 ARVIN INDUST INC 162,425
7,900 BORG WARNER SEC CORP 77,025
39,500 CHRYSLER CORP 2,449,000
4,000 COACHMEN INDS INC 140,000
24,200 COLLINS & AIKMAN CORP NEW 145,200
8,400 COOPER TIRE & RUBBER 186,900
3,700 COPART INC 61,050
4,500 CUMMINS ENGINE INC 181,688
10,500 DANA CORP 325,500
6,400 DETROIT DIESEL CORP 124,000
8,600 DONALDSON INC 221,450
1,400 DURAKON INDS 20,475
5,900 ECHLIN INC 223,463
12,200 ENVIROSOURCE INC 42,700
3,900 EXCEL INDS INC 48,750
7,500 EXIDE CORP 181,875
11,700 FEDERAL-MOGUL CORP 214,988
110,900 FORD MTR CO 3,590,388
77,200 GENERAL MTRS CORP 4,043,350
12,700 GENUINE PARTS CO 581,025
20,600 LEAR CORPORATION 726,150
12,200 MASCOTECH INC 179,950
9,800 MODINE MFG CO 259,700
2,205 MONRO MUFFLER BRAKE INC 40,517
7,900 NAVISTAR INTL CORP NEW 78,013
2,000 OSHKOSH TRUCK CORP. 28,250
3,900 PACCAR INC 191,100
4,000 SNAP ON TOOLS CORP 189,500
14,200 SPEEDWAY MOTORSPORTS INC 363,875
5,000 STANT CORP 57,500
4,600 STRATTEC SECURITY CORP 81,650
9,800 SUPERIOR INDUSTRIES INTL 259,700
6,800 TRW INC 611,150
1,900 THOMPSON PBE INC 22,800
8,100 TITAN WHEEL INTL INC 129,600
10,300 TOP SOURCE TECH INC 71,456
900 TOWER AUTOMOTIVE INC 22,050
2,500 TRANSPRO INC 17,188
5,900 VICORP RESTAURANTS 72,275
24,800 VIKING OFFICE PRODS INC 778,100
7,700 WESTINGHOUSE AIR BRAKE CO 101,063
ELECTRICAL
2,600 AFC CABLE SYSTEMS INC 42,900
2,400 ADFLEX SOLUTIONS INC 26,400
10,900 AMETEK INC 237,075
22,400 AMP INC 898,800
20,800 ANIXTER INTERNATIONAL INC 309,400
9,800 BELDEN INC 294,000
10,400 C-CUBE MICROSYSTEMS INC 343,200
2,400 CHARTER POWER SYS INC 83,400
2,800 CHERRY CORP CL A 30,100
5,200 CIDCO INC 183,300
5,300 DATASCOPE CORP 94,075
27,200 EMERSON ELEC CO 2,458,200
2,100 ENCORE WIRE CORP 22,050
17,600 EXECUTONE INFORMATION SYS 46,200
2,300 EXIDE ELECTRS GROUP INC 21,850
2,300 FRANKLIN ELEC. INC. 80,500
5,000 GASONICS INTL CORP 52,500
8,000 GENERAL INSTR CORP NEW 231,000
5,100 GRAINGER W W INC 395,250
13,000 HONEYWELL INC 708,500
10,900 HUBBELL INC CL B 722,125
47,400 INFINITY BROADCASTING CLA 1,422,000
3,500 INSILCO CORP NEW 117,250
25,300 INTEGRATED DEVICE TECH 268,813
3,200 LEVEL ONE COMMUNICATIONS 63,200
3,700 LITTLEFUSE INC 138,750
8,100 MAGNETEK INC 77,963
5,800 MARQUETTE ELECTRONICS INC 100,050
2,100 MERIX CORP 42,000
3,700 PARK ELECTROCHEM CORP 74,000
4,400 RAYCHEM CORP 316,250
1,300 ROBBINS & MYERS INC 57,850
12,100 TENCOR INSTRUMENTS 228,388
2,000 THERMO ECOTEK CORP 48,500
3,600 THOMAS & BETTS CORP 135,000
700 ULTRALIFE BATTERIES INC 9,975
39,000 WESTINGHOUSE ELEC CORP 731,250
3,900 WOODHEAD INDS INC 45,825
ELECTRONICS
31,200 AVX CORP 577,200
6,500 ACTEL CORPK 120,250
13,000 ADVANCED MICRO-DEVICES 177,125
14,100 ALLIANCE SEMICONDUCTOR 118,088
5,700 ALTRON INC 115,425
30,300 AMERICAN POWER CONVERSION 310,575
3,500 AMERICAN SUPERCONDUCTOR 49,875
17,700 AMPHENOL CORP CL A 407,100
37,300 ANALOG DEVICES INC 951,150
4,500 ANALOGIC CORP 120,375
18,400 APPLIED MATLS INC 561,200
16,200 ARROW ELECTRONICS INC 698,625
2,900 ASPEN TECHNOLOGY INC 159,500
32,200 ATMEL CORP. 970,025
5,100 ATRIA SOFTWARE INC 255,000
20,200 AURA SYS INC. 71,963
14,000 AVNET INC 589,750
8,300 BROOKTREE CORP 87,150
6,100 BURR BROWN CORP 108,275
1,200 CTS CORP 56,400
6,800 CABLE DESIGN TECHNOLOGIES 222,700
10,400 CHECKPOINTE SYSTEM 357,500
2,300 CINCINNATI MICROWAVE INC 8,338
53,500 CISCO SYS INC 3,029,438
4,600 COHERENT COMMUNICATIONS S 97,750
3,500 COHU INC 70,875
8,100 COMPUTER NETWORK TECH 57,713
2,500 CORNERSTONE IMAGING INC 18,750
9,700 CREDENCE SYSTEMS CORP 130,344
2,200 CUBIC CORP. 71,775
27,100 CYPRESS SEMINCONDUCTOR 325,200
2,300 DSP GROUP INC 21,275
15,100 DIEBOLD INC 728,575
75,400 DURACELL INTL INC 3,251,625
2,400 E G & G INC 51,300
3,200 EIS INTERNATIONAL INC 81,600
8,200 EATON CORP 480,725
2,500 ELECTRO SCIENTIFIC INDS 52,500
9,200 ELECTRONICS FOR IMAGING 638,250
500 ELTRON INTL INC 13,625
3,400 EMERSON RADIO CORP 10,200
2,500 ESTERLINE TECHNOLOGIES CO 62,500
4,300 EXAR CORP. 55,900
8,200 FIRST ALERT INC 32,800
23,800 FORE SYSTEMS INC 859,775
2,600 FRANKLIN ELECTRONIC PUBLI 52,000
2,700 GTI CORP 19,575
175,100 GENERAL ELECTRIC CO 15,189,925
8,400 GENERAL MAGIC INC 55,650
16,400 GENERAL MILLS INC 895,850
6,800 GENRAD INC 112,200
5,500 GENUS INC 52,938
3,500 HADCO CORP 75,250
5,900 HOLOPHANE CORP 92,925
1,900 ITI TECHNOLOGIES INC 62,700
8,000 IDENTIX INC 117,000
700 INFORMATON STORAGE DEVICE 6,650
5,900 INTEGRATED SILICON SOL 67,850
86,800 INTEL CORP 6,374,375
3,300 INTL IMAGING MATLS INC 78,375
4,100 JOHNSON CTLS INC 284,950
20,500 KLA INSTRUMENTS CORP 476,625
13,100 KENETECH CORP 6,959
3400 KOPIN CORP 29,750
13,100 LSI LOGIC CORP 340,600
11,800 LTX CORP 73,750
14,700 LAM RESH CORP. 382,200
3,800 LEXMARK INTL GROUP INC 76,475
24,200 LINEAR TECHNOLOGY CORP 726,000
8,500 LOGICON INC. 253,938
5,000 MTS SYS CORP. 105,000
13,100 MACROMEDIA INC 286,563
5,100 MATTSON TECHNOLOGY INC 54,188
19,200 MAXIM INTEGRATED PRODS 524,400
19,300 MENTOR GRAPHICS 313,625
12,300 METHODE ELECTRONICS CL A 209,100
2600 MICREL INC 43,550
4,400 MICRO LINEAR CORP 33,000
3,000 MICROTEST INC 23,625
21,300 MICRON TECH 551,138
33,300 MOLEX INC 1,057,275
60,900 MOTOROLA INC 3,829,088
2,400 NATL PRESTO INDS INC 91,200
13,300 NATIONAL SEMICONDUCTOR 206,150
9,300 NELLCOR INC 451,050
68,900 NEXTEL COMM INC CL A 1,313,406
8,000 NIMBUS CD INTERNATIONAL 105,000
56,000 NOISE CANCELLATION TECH 40,250
16,200 OIS OPTICAL IMAGING SYS 49,613
14,600 OAK TECHNOLOGY INC 136,875
3,000 ONTRAK SYSTEMS INC 48,750
900 OPTI INC 4,613
2,100 PRI AUTOMATION INC 64,050
3,500 PSC INC 35,000
4,400 PERKIN ELMER CORP 212,300
3,400 PHOTRONICS INC 89,250
17471 PREMIER FARNELL PLC-ADR 364,707
14,076 PREMIER FARNELL PLC-ADR 358,938
17,300 QUANTUM CORP 253,013
4,200 RECOTON CORP 73,500
5,400 ROBOTIC VISION SYSTEMS 96,525
2,200 ROGERS CORP 54,725
5000 SAFEGUARD SCIENTIFICS INC 390,000
4900 SEMITOOL INC 63,700
24100 SENSORMATIC ELEC CORP 394,638
8100 SIERRA SEMICONDUCTOR 94,163
10,700 SILICON VALLEY GROUP INC 200,625
1,100 SILICONIX INC 23,650
15,800 SOLECTRON CORP 598,425
28,500 STRATACOM INC 1,603,125
4,500 SUPERTEX INC 72,563
8400 SYMBOL TECHNOLOGIES 373,800
30,100 TIG HOLDINGS INC 872,900
2,100 TECH SYM CORP 62,475
3,800 TEKTRONIX INC 170,050
5,800 TELEDYNE INC 210,250
27,100 TERADYNE INC 467,475
19,500 TEXAS INSTRUMENTS 972,563
5400 THERMO CARDIOSYSTEMS 241,650
2,100 THORN APPLE VALLEY 23,100
5,100 TRACOR INC NEW 87,975
13,200 TRUSTMARK CORP 277,200
7,300 ULTRATECH STEPPER INC 136,875
6,500 UNIVAR CORP 125,938
10,100 VARIAN ASSOCIATES 522,675
20,055 VISHAY INTERTECHNOLOGY 473,799
4,600 VITESSE SEMICONDUCTOR CRP 110,400
8,600 WATERS CORP 283,800
3,000 XICOR INC 35,250
19,800 ZENITH ELECTRONICS CRP 240,075
INDUSTRIAL MACHINERY
13,100 AIR PRODS & CHEMS INC 756,525
5,000 ALLIED PRODUCTS CORP COM 141,875
5,000 APPLIED POWER INC CL A 140,000
3,500 BRIGGS & STRATTON CORP 143,938
5,400 CASE CORP 259,200
3,600 CINCINNATI MILACRON INC 86,400
11,400 COOPER INDUS INC 473,100
2,900 DII GROUP INC 73,950
1,900 DT INDUSTRIES INC 34,675
11,700 DOVER CORP 539,663
4,000 FOSTER WHEELER CORP 179,000
2,000 GLEASON CORP 78,000
6,900 GOULDS PUMPS INC 176,813
7,000 HARNISCHFEGER INDUS INC 232,750
11,200 INGERSOLL RAND CO 490,000
4,900 INTEGRATED PROCESS EQUIP 101,675
11,700 KEYSTONE INTERNATL INC 242,775
7,100 KULICKE & SOFFA INDS INC 103,838
5,000 MEASUREX CORP 146,250
3,450 MILLER INDUSTRIES INC 98,756
6,100 NORDSON CORP. 344,650
4,700 OSMONICS INC 105,750
4,100 PARK-OHIO INDUSTRIES 79,438
2,730 RAYMOND CORP 47,775
3,200 SEQUA CORP CL A 138,000
10,900 STEWART & STEVENSON SVSC 247,975
5,800 TELEFLEX INC. 276,950
1,600 THERMO POWER CORPORATION 20,000
13,500 YORK INTL CORP NEW 698,625
OFFICE EQUIPMENT AND SUPPLIE
11,600 ALCO STANDARD CORP 524,900
26,900 AMERICA ONLINE INC 1,176,875
5,800 AMERICAN BUS PROD INC. 126,875
1,400 AMERICAN LIST CORP 37,100
7,400 AMERIDATA TECH INC 117,475
5,900 APPLIED INNOVATION INC 64,163
10,200 BT OFFICE PRODUCTS INTL 182,325
11,400 BLACK BOX CORP 270,750
3,400 BOISE CASCADE OFFICE PROD 117,725
6,300 BOOLE & BABBAGE INC 151,200
4,100 CSS INDUSTRIES 96,350
6,100 CERIDIAN CORP 308,050
2,300 CHAMPION INDUSTRIES INC/W 40,825
5,200 COLONIAL DATA TECH CORP 77,350
22,600 COMPUTERVISION CORP 226,000
3,000 CROSSCOMM CORP 30,750
1,500 DAISYTEK INTERNATIONAL CO 63,000
800 DIGITAL LINK CORP 13,600
5,400 ENNIS BUSINESS FORMS 61,425
3,600 EXCALIBUR TECHNOLOGIES 81,000
27,300 GATEWAY 2000 INC 928,200
5,900 GENERAL BINDING 119,475
4,900 GENERAL SIGNAL CORP 185,588
5,100 GEOWORKS 181,050
4,400 GUPTA CORP 20,625
4,000 HARRIS CORP-DEL 244,000
9,900 HON INDS INC 282,150
5,800 HUNT MFG. CO. 86,275
2,100 INNOVEX INC 37,013
4,700 INTERGRAPH CORP 56,988
59,700 IBM COMMON 5,910,300
15,400 INTUIT INC 727,650
800 MANUGISTICS GROUP INC 13,600
1,700 MAPINFO CORP 17,850
2,900 MICROS SYS INC 80,838
10,600 MICRO WAREHOUSE INC 212,000
2,900 MICROTOUCH SYS INC 52,200
5,300 NEOSTAR RETAIL GROUP INC 27,163
5,900 NETFRAME SYS INC 26,550
7,600 NU-KOTE HLDG INC CL A 126,350
6,000 OBJECTIVE SYS INTEGRATORS 219,000
21,200 OFFICEMAX INC 506,150
50,000 OFFICE DEPOT INC 1,018,750
1,600 OPEN ENVIRONMENT CORP 8,400
6,100 OPTICAL DATA SYS INC 134,200
2,400 PERCEPTRON INC 87,600
15,700 PITNEY BOWES INC 749,675
2,300 PROXIMA CORP 27,888
8,500 RACOTEK INC 39,844
13,600 REYNLDS&REYNLDS CO CL A 724,200
4,700 SECURITY DYNAMICS TECH 386,575
3,600 7TH LEVEL INC 46,350
2,100 SOFTDESK INC 19,950
9,500 STANDARD REGISTER 233,938
5,700 SUBMICRON SYS CORP 49,875
3,500 SYSTEMSOFT CORP 164,500
9,600 3DO CO 102,000
2,300 U S OFFICE PRODUCTS CO 96,600
3,600 UNITED TELEVISION INC. 352,800
6,200 VWR SCIENTIFIC PROD CORP 99,200
3,500 VIDEOSERVER INC 136,500
7,400 WALLACE COMPUTER SVCS 442,150
4,950 WIND RIVER SYSTEMS INC 170,775
2,400 WINTHROP RES CORP 48,600
4,700 WONDERWARE CORP 88,712
33,600 XEROX CORP. 1,797,600
RUBBER
11,700 BANDAG INC 561,600
5,100 CARLISLE COS INC 270,937
5,000 GOODRICH B F CO 186,875
15,700 GOODYEAR TIRE & RUBBER 757,525
7,400 PREMARK INTERNATL INC 136,900
13,700 SEALED AIR CORP 460,662
9,900 STONE CONTAINER 136,125
OTHER DURABLE GOODS
30,400 ALLIED-SIGNAL INC 1,736,600
4,400 BLOUNT INTERNATIONAL 138,600
7,600 BORG-WARNER AUTOMOTIVE 300,200
14,600 CHEYENNE SOFTWARE INC 281,050
2,200 COLUMBUS MCKINNON CORP 34,375
27,800 CORNING INCORPORATED 1,066,825
3,000 CRANE CO 123,000
2,900 FUSION SYSTEMS CORP 71,775
5,900 HARMAN INTL INDS INC NEW 290,575
12,900 ILLINOIS TOOL WORKS 872,362
5,500 KAYDON CORP. 236,500
4,800 MILLIPORE CORP 201,000
5,500 OWENS CORNING 236,500
500 PENN ENGINEERING & MFG CO 11,812
1,500 PENN ENGINEERING & MFG 28,312
6,600 PRECISION CASTPARTS 283,800
2,600 STARRETT LS CO CL A 67,600
1,500 STIMSONITE CORP 12,562
7,100 TECUMSEH PROD CO CL A 381,625
6,400 THERMEDICS INC. 160,000
3,100 TIMKEN CO 120,125
13,600 TRINITY INDS INC. 462,400
2,800 TRINOVA CORP 93,450
22,500 UNIFI INC 632,812
COMPUTERS AND SOFTWARE
14,900 AST RESEARCH INC 100,575
19,100 ACCLAIM ENTERTAINMENT 183,837
1,700 ACTIVE VOICE CORP 20,400
23,100 ADOBE SYSTEMS INC 828,712
12,200 AMDAHL CORP 131,150
7,800 AMERICAN BUS INFO INC 142,350
2,600 ANALYSTS INTL CORP 109,200
4,900 APERTUS TECHNOLOGIES INC 17,762
12,600 APPLE COMPUTER INC 264,600
9,500 APPLIED MAGNETICS 99,750
5,200 ARTISOFT INC. 45,500
13,500 ATARI CORP 77,625
4,800 AUTODESK INC 143,400
29,800 AUTOMATIC DATA PROC 1,151,025
7,200 AVID TECHNOLOGY INC 133,200
4,700 BDM INTERNATIONAL INC 218,550
16,600 BMC SOFTWARE INC 991,850
6,900 BELL & HOWELL COMPANY 225,112
3,400 BOCA RESEARCH INC 62,050
9,300 BORLAND INTL INC 84,862
3,000 BROADWAY & SEYMOUR INC 36,000
5,000 CDW COMPUTER CENTERS INC 347,500
1,800 CABLETRON SYS INC 123,525
3,700 CACI INTERNTL INC CL A 58,275
26,250 CADENCE DESIGN SYS INC 885,937
4,700 CAERE CORP 54,637
7,800 CELLULAR TECHNICAL SVCS I 137,475
20,000 CIRRUS LOGIC INC 350,000
27,500 COMPAQ COMPUTER CORP 1,350,937
15,800 COMPUCOM SYS INC 171,825
25,000 COMPUTER ASSOC INTL INC 1,781,250
2,900 COMPUTER LANGUAGE RES INC 36,250
5,800 COMPUTER SCIENCES CORP 433,550
3,500 COMPUTER TASK GROUP INC 98,875
13,900 COMPUWARE CORP COM 549,050
5,200 COMPUTER HORIZONS CORP 205,400
3,500 COMSHARE INC 108,500
1,291 CONTINUUM INC 74,878
23,600 COPYTELE INC 206,500
2,600 CRAY RESEARCH INC 62,725
2,100 CYBERGUARD CORP 36,225
2,400 DH TECHNOLOGY INC 57,600
9,600 DST SYSTEMS INC 307,200
4,500 DATA GENL CORP 58,500
12,800 DAVIDSON & ASSOCIATES INC 384,000
29,500 DELL COMPUTER CORP 1,500,812
3,900 DENDRITE INTERNATIONAL 134,550
5,600 DIALOGIC CORP 333,900
12,900 DIAMOND MULTIMEDIA SYS 122,550
15,500 DIGITAL EQUIP CORP 697,500
22,700 EMC CORP. 422,787
17,200 ELECTRONIC ARTS INC 460,100
190,100 ELECTRONIC DATA SYSTEMS 10,217,875
1400 EMULEX CORP 20,475
4,600 EPIC DESIGN TECHNOLOGY 116,150
5,200 EVANS & SUTHERLAND 110,500
600 EXPERT SOFTWARE INC 4,650
9,300 FTP SOFTWARE INC 76,725
23,100 FIRST DATA CORP 1,842,225
2,900 GLOBAL VILLAGE COMM 23,925
29,600 HBO & CO 2,005,400
3,500 HENRY JACK & ASSOC INC 119,000
52,900 HEWLETT PACKARD CO 5,270,162
2,500 HUTCHINSON TECH 88,750
45,500 INFORMIX CORP 1,023,750
8,800 INFOR RESOURSE INC 107,800
7100 INTERSOLV INC. 65,675
43,200 IOMEGA CORP 1,252,800
3,000 KEY TRONIC CORP 19,500
4,900 MAC NEAL SCHWENDLER CORP 36,750
4,000 MARCAM CORP. 48,000
4,100 MEDIC COMPUTER SYSTEMS 332,612
5,400 MERCURY INTERACTIVE CORP 74,250
61,200 MICROSOFT CORP 7,351,650
5,300 MICROCOM INC. 66,912
29,900 MICRON ELECTRONICS INC 366,275
5,600 MYLEX CORP 99,400
5,700 NATL COMP SYS INC 121,837
14,400 NETMANAGE INC 158,400
23,700 NETSCAPE COMMUNICATIONS 1,475,325
5,900 NETWORK COMPUTING DEVICES 30,237
4,100 NETWORK PERIPHERALS INC 70,212
38,200 NOVELL INC 530,025
67,350 ORACLE CORPORATION 2,656,149
4,700 PC DOCS GROUP INTL INC 93,412
39,800 PARAMETRIC TECNOLOGY 1,726,325
16600 PEOPLESOFT INC 1,182,750
4,900 PHOENIX TECHNOLOGIES LTD 82,075
9,000 PITTWAY CORP 396,000
4,700 PLANAR SYS INC 66,975
6,400 POLICY MGMNT SYS CORP 320,000
3,000 PRINTRONIX INC 46,875
4700 QUICKRESPONSE SVCS INC 135,125
4100 QUICKTURN DESIGN SYSTEMS 59,450
6200 RADIUS INC NEW 17,050
2200 RAINBOW TECHNOLOGIES INC 44,000
4,700 RATIONAL SOFTWARE CORP 252,625
11,700 SANTA CRUZ OPERATION INC 84,825
33,100 SEAGATE TECHNOLOGY INC 1,489,500
10,400 SEQUENT COMP SYS INC 140,400
2,200 SHARED MEDICAL SYS CORP 141,350
10000 SHIVA CORP 800,000
7,000 SIERRA ON-LINE INC 307,125
16,700 SILICON GRAPHICS 400,800
8,500 STAC INC 95,625
3,200 STATE OF THE ART INC 59,200
17,300 STORAGE TECH CRP PAR $.01 661,725
7,500 STRATUS COMPUTER INC 217,500
9900 STREAMLOGIC CORP 35,887
9,900 STRUCTURAL DYNAMICS 217,800
27,800 SYBASE INC 656,775
17,000 SYMANTEC CORP 212,500
14,700 SYNOPSYS INC 584,325
4,000 SYQUEST TECHNOLOGY INC 31,500
5,100 SYSTEMS & COMPUTER TECH 73,950
12,100 TANDEM COMPUTERS INC 149,737
17,400 THREE COM CORP 796,050
16,600 TOTAL SYSTEMS SERVICE 379,725
4,700 TRIAD SYSTEMS CORP 29,962
4,000 TRIDENT MICROSYSTEMS INC 50,500
17,800 UNISYS CORP 126,825
1,000 USDATA CORPORATION 18,500
7,600 UUNET TECHNOLOGIES INC 503,500
7,400 VERIFONE INC 312,650
2,000 VERITAS SOFTWARE CO 86,000
3,100 VMARK SOFTWARE INC 28,287
11,900 WANG LABS INC NEW 224,612
1,900 WANDEL & GOLTERMANN TECH 31,350
17,700 WESTERN DIGITAL CORP 462,412
2,300 XCELLENET INC 24,725
23,000 XILINX INC 730,250
HOUSEHOLD FURN/APPLIANCES
9,900 LANCASTER COLONY CORP 370,012
27,600 LEGGETT & PLATT INC 765,900
6,200 O'SULLIVAN INDS HLDGS INC 45,725
7,700 WHIRLPOOL CORP 382,112
TELECOMMUNICATIONS
17,800 LORAL SPACE & COMM LTD 242,525
20,500 ADC TELECOMM INC 922,500
21,700 ADTRAN INC 1,537,987
51,100 AIRTOUCH COMMUNICATIONS 1,443,575
8,600 AMERICAN MOBILE SATELLITE 133,300
6,000 ANDREW CORP 322,500
7,800 ANTEC CORP 123,825
3,600 APPLIED DIGITAL ACCESS 37,800
5,500 ASSOCIATED GROUP CL A 166,375
7,000 ASSOCIATED GROUP CL B 209,125
9,600 BOSTON TECH INC 162,000
2,500 BRITE VOICE SYS INC 53,750
4,000 CELLULAR COMM OF PUERTO R 130,000
7,100 CELLSTAR CORP 62,125
17,600 COMDISCO 468,600
3,400 COMMUNICATIONS SYSTEM INC 46,750
12,000 DSC COMMUNICATIONS 361,500
6,400 DSP COMMUNICATIONS INC 328,800
7,300 GENERAL DATACOMM INDS INC 98,550
4,300 GILBERT ASSOC INC CL A 54,825
22,500 GLENAYRE TECHNOLOGIES INC 1,125,000
3,800 IPC INFORMATION SYS INC 66,500
3,700 MICRODYNE CORP 24,512
13,900 MOBILEMEDIA CORP 168,537
3,800 NETCOM ON-LINE COMM SVCS 102,600
15,400 OCTEL COMM CORP 304,150
17,900 PANAMSAT CORP 519,100
6,400 PREMISYS COMMUNICATIONS 390,400
32,000 QUALCOMM INC 1,700,000
7,900 SCIENTIFIC-ATLANTA 122,450
6,150 TCSI CORPORATION 148,369
3,600 TELCO SYSTEMS INC 61,200
19,000 TELEPHONE & DATA SYS INC 855,000
26,000 US ROBOTICS CORP 2,223,000
3,400 U.S. CELLULAR CORP 105,400
13,800 VANGUARD CELLULAR SY CL A 300,150
9,100 WINSTAR COMMUNICATIONS 226,931
MISCELLANEOUS
2,800 ABC RAIL PRODUCTS 60,550
6,200 ACX TECHNOLOGIES INC 123,225
14,200 ALTERA CORP 539,600
14,700 ALUMAX INC 446,512
1,700 ASYST TECHNOLOGIES INC 31,875
7,000 AVIALL INC NEW 64,750
8,900 BLACK & DECKER CORP 343,762
6,100 BRADY WH CO CL A 135,725
5,800 CASCADE CORP. 77,575
8,800 DENTSPLY INTL INC 374,000
6,600 ELECTROGLAS INC 94,050
7,700 FSI INTL INC 97,212
5,700 FURON CO. 141,075
11,000 GENCORP INC 166,375
5,700 GORMAN RUPP CO. 75,525
3,500 HELIX TECHNOLOGY CORP 135,625
12,100 ITT INDS INC 304,012
31,500 INTL SPECIALTY PRODUCTS 346,500
36,900 JEFFERSON SMURFIT CORP 401,287
2,000 JOHNSTOWN AMER INDS INC 6,500
3,800 LAWSON PRODUCTS INC 95,950
8,100 LOJACK CORP 91,125
20,790 MARK IV INDUSTRIES INC 467,775
3,300 MATTHEWS INTL CORP 90,750
7,700 PARKER HANNIFIN CORP 326,287
700 ROTO ROOTER INC 24,150
8,800 SOFAMOR/DANEK GROUP 244,200
2,900 SPECTRIAN CORP 41,325
9,000 STANLEY WORKS 267,750
8,700 THERMO FIBERTEK INC 146,812
41,100 THERMO ELECTRON CORP 1,710,787
3,400 WHITE RIVER CORP 159,375
TOTAL DURABLE GOODS $240,200,704
FINANCIAL 19.54%
BANKS
2,900 ALLIED BANKSHARES INC GA 29,725
10,500 AMERICREDIT CORP 164,063
31,500 AMSOUTH BANCORP 1,137,938
300 ASSOCIATED BANC CORP 11,625
2,000 BSB BANCORP INC 52,000
47,000 BANC ONE CORP 1,598,000
13,700 BANCORP HAWAII INC 493,200
7,900 BANCORPSOUTH INC 169,850
11,600 BANK OF BOSTON CORP 574,200
5,850 BANK GRANITE CORP 149,175
19,800 BANK NEW YORK INC 1,014,750
39,900 BANKAMERICA CORP 3,022,425
8,100 BANKERS TR NY CORP 598,388
3,700 BANKNORTH GROUP INC 126,725
21,800 BANPONCE CORP - NEW 981,000
9,800 BARNETT BANKS INC 597,800
7,100 BAYBANKS INC 765,025
16,500 BOATMEN'S BANCSHARES 662,063
3,000 CPB INC 97,500
5,400 CNB BANCSHARES INC 154,575
3,200 CVB FINL CORP 53,600
4,400 CATHAY BANCORP INC 71,500
19,350 CENTRAL FID BKS INC 440,213
44,940 CHASE MANHATTAN CORP NEW 3,173,888
3,300 CHEMICAL FINL CORP 126,225
3,875 CHITTENDEN CORP 87,188
32,970 CINCINNATI FINANCIAL CORP 1,891,654
31,300 CITICORP 2,586,163
5400 CITIZENS BANCORP MD 157,950
7,300 CITIZENS BANKING 211,700
14,900 CITY NATL CORP 234,675
4,400 COLE TAYLOR FINL GRP 130,900
5,600 COLONIAL BANCGROUP 187,600
4,300 COMMERCE BANCORP INC N.J. 101,050
23,500 COMMERCE BANCSHARES 801,938
3,400 COMMUNITY FIRST BANKSHARE 79,900
14,300 COMPASS BANCSHARES INC 468,325
37,095 CORESTATES FINL CORP 1,428,158
5,700 CORUS BANKSHARES INC 171,000
13,900 CRESTAR FINCL CORP 741,913
10,200 DAUPHIN DEPOSIT CORP 290,700
17400 DEAN WITTER DISCOVER 996,150
67,000 DIME BANCORP INC NEW 871,000
400 F & M BANCORP MD 9,000
6,300 F & M NATL CORP 114,975
24,900 FIFTH THIRD BANCORP COM 1,344,600
11,200 FIRST AMERICAN CORP 471,800
20,400 FIRST OF AMERICA BANK 912,900
8,700 FIRST BANK SYS INC 504,600
33,100 FIRST CHICAGO NBD CORP 1,295,038
4,900 FIRST CITIZENS BCSHS 301,350
14,400 FIRST COMMERCE CORP 509,400
7,600 FIRST COMWLTH FINL CORP 134,900
4,000 FIRST EMPIRE ST CORP 964,000
4,700 FIRST FINL BANCORP 151,575
22,300 FIRST HAWAIIAN INC 635,550
3,200 FIRST INDIANA CORP 76,800
4,400 FIRST MIDWEST BANCORP DEL 123,200
24,000 FRIST SEC CORP DEL 576,000
3,800 FIRST SOURCE CORP 82,650
22,300 FIRST TENN NATL CORP 682,938
29600 FIRST UNION CORP 1,801,900
2,415 FIRST UNITED CORP 31,395
11,100 FIRST VIRGINIA BANKS 444,000
4,100 FIRST WESTERN BANCORP 101,475
26,900 FIRSTAR CORP 1,240,763
4,600 FIRSTBANK ILL CO 142,600
3800 FIRSTFED FINL CORP DEL 66,025
27100 FLEET FINANCIAL GROUP INC 1,178,850
4200 FORT WAYNE NATL CORP IND 134,400
12100 FULTON FINL CORP PA 228,388
4,700 GREATER NY SAVINGS BANK 50,231
5,000 HUBCO INC 105,625
3,700 HANCOCK HLDG CO 149,850
4,200 HARRIS SAVINGS BK PA 68,250
3,100 HERITAGE FINL SVCS INC 67,425
38100 HIBERNIA CORP CL A 414,338
3,900 HOMELAND BANKSHARES CORP 131,625
51,400 HUNTINGTON BANCSHARES INC 1,227,175
4,800 IMPERIAL BANCORP 115,200
5,800 IMPERIAL CR INDS INC 175,450
1,800 INVESTORS FINANCIAL SVC 41,850
1,300 IRWIN FINANCIAL CORP 51,025
9200 JEFFERSON BKNSHRS INC VA 203,550
24,400 KEYCORP 945,500
23,000 MBNA CORP 655,500
2,000 MLF BANCORP INC 48,500
31,000 MARSHALL & ILSLEY CORP 860,250
18,750 MELLON BANK CORP 1,068,750
21,000 MERCANTILE BANCORP INC 934,500
15,500 MERCANTILE BANKSHARES 395,250
4,100 MERCER INTL INC SBI NEW 55,350
1,500 MERCHANTS NY BANCORP INC 40,500
6,200 MID AM INC 113,925
4,100 MID AMER BANCORP 66,625
19,900 MORGAN J P & CO 1,684,038
2,500 NBT BANCORP INC 40,938
2,600 NATIONAL BANCORP ALASKA 163,800
2,090 NATIONAL CITY BANCORP 40,755
24,800 NATIONAL CITY CORP 871,100
9,200 NATIONAL COMM BANCORP 289,800
4,900 NATIONAL PENN BANCSHARES 128,625
30,300 NATIONSBANK CORP 2,503,538
8,200 NORTH FORK BANCORP INC NY 214,225
18,100 NORTHERN TRUST CO 1,045,275
40,185 NORWEST CORP 1,401,452
25,725 OLD KENT FINL CORP 1,006,491
11,600 OLD NATL BANCORP IND 429,200
6,200 ONE VALLEY BANCORP INC 213,900
3,200 PARK NATL CORP 158,400
8,300 PENNCORP FINL GROUP INC 263,525
13,800 PEOPLES BANK BRIDGEPORT 307,050
2,900 PIKEVILLE NATL CORP 63,075
800 PINNACLE BANC GROUP INC 23,200
2,940 PROVIDENT BANKSHARES CORP 97,020
2,300 QUEENS CNTY BANCORP INC 112,700
20,952 REGIONS FINANCIAL CORP 979,506
6,100 REPUBLIC BANCORP INC 67,100
2,800 REPUBLIC NEW YORK CORP 174,300
3,400 S & T BANCORP INC 104,550
21,800 SIGNET BANKING CORP 506,850
3,000 SILICON VALLEY BNCSHRES 77,250
38,700 SOUTHERN NATL CORP NC 1,228,725
30,614 SOUTHTRUST CORP 861,019
11,900 STANDARD FEDERAL BNCRP 458,150
18,200 STAR BANC CORP 1,226,225
26,900 STATE STREET BOSTON 1,371,900
1,400 SUFFOLK BANCORP 44,100
6,200 SUMITOMO BANK CA 158,100
18,900 SUMMIT BANCORP 663,863
24,000 SUNTRUST BANKS INC 888,000
3,800 SUSQUEHANNA BANCSHARES 101,650
43,650 SYNOVUS FINANCIAL CP 943,931
2,100 TRANS FINANCIAL INC 36,750
7,100 TRUST CO OF NEW JERSEY 92,300
6,400 TRUSTCO BK CORP NY 123,200
9,100 UMB FINANCIAL CORP 334,425
6,400 UST CORP 95,200
14,100 UNIONBANCAL CORPORATION 745,538
8,200 UNITED CAROLINA BANCSHARE 182,450
6,800 UNITED BANKSHARES W VA 183,600
16,700 U S BANCORP ORE 603,288
2,000 USBANCORP INC PA 63,750
13,230 VALLEY NATL BANCORP 337,365
17,700 WACHOVIA CORP 774,375
26,900 WASHINGTON MUTUAL INC 803,638
10,533 WELLS FARGO & CO 2,516,070
3,200 WESBANCO INC. 87,200
9,450 WESTCORP INC 167,738
11,700 WILMINGTON TRUST CORP 379,519
FINANCE COMPANIES
7,900 A T & T CAPITAL CORP 345,625
6,500 ADVANTA CORP 331,500
4,500 AMCOR FINL INC 88,875
55,800 AMERICAN EXPRESS CO 2,490,075
1,400 BT FINL CORP 47,250
5,300 BENEFICIAL CORP 297,463
54,700 CAPITAL ONE FIN CORP 1,558,950
17,100 CREDIT ACCEP CORP MICH 359,100
18,700 FED HOME LN MTG CORP 1,598,850
112,800 FEDERAL NATL MTGE ASSN 3,778,800
14,300 FINOVA GROUP, INC 697,125
2,500 FIRST MERCHANTS ACCEP 49,375
16,800 FIRST USA INC 924,000
35,300 GREEN TREE FINL CORP 1,103,125
10,100 HOUSEHOLD INTL CORP 767,600
3,800 INSO CORPORATION 199,025
3,700 LEADER FINANCIAL CORP 165,575
8,700 LIBERTY FINANCIAL CO INC 294,713
64,900 MERCURY FINANCE CO. 827,475
19,100 MONEY STORE INC 422,588
8,200 OLYMPIC FINANCIAL LTD 188,600
3,700 PMC CAP INC 47,175
34,800 PNC FINANCIAL 1,035,300
200 PATLEX CORP 7,800
15,700 PHOENIX DUFF & PHELPS 117,750
5,000 RESOURCE BANCSHARES MTG 60,625
3,500 SEAFIELD CAP CORP 131,250
29,500 STUDENT LOAN MKTG NEW 2,212,500
2,000 STUDENT LN CORP 72,000
17,900 SUNAMERICA 1,011,350
16,500 ULTRAMAR CORP. 478,500
10,500 UNITED COS FINCL CORP 357,000
1,100 WEBSTER FINL CRP WATRBURY 30,800
HOLDING COMPANY
6,300 AMPAL AMER ISRAELI CL A 31,500
2,000 EASTERN ENTERPRISES 66,500
1,600 GRYPHON HOLDING INC 24,000
6,500 PEC ISRAEL ECONOMIC CORP 117,813
185,600 RJR NABISCO HLDGS CORP 5,892,800
2,700 REGIONAL ACCEPTANCE CORP 31,388
42,400 RELIANCE GROUP HOLDINGS 318,000
1,700 ST FRANCIS CAPITAL CORP 42,500
18,400 SOTHEBY'S HLDS INC CL A 266,800
5,900 TEJON RANCH CO. 96,613
20,200 U S INDUSTRIES INC 487,325
30,200 VALHI INC 215,175
3,700 VALLICORP HLDGS INC 62,900
9,800 ZEIGLER COAL HLDG CO 156,800
FIRE AND CASUALTY INSURANCE
5,600 ACCEPTANCE INS COS INC 95,900
23,200 ALLMERICA PPTY & CAS COS 626,400
19,100 AMERICAN FINANCIAL GROUP 575,388
2,050 ARBATAX INTERNATIONAL INC 9,020
5,000 AVEMCO CORP 67,500
4,600 BALDWIN & LYONS INC CL B 94,875
7,000 BERKLEY (WR) CORP 292,250
17,600 CHUBB CORP 877,800
6,700 FUND AMER COS INC 542,700
10,700 GAINSCO INC 105,662
8,200 GENERAL RE CORP 1,248,450
5,100 GUARANTY NATL CORP NEW 91,800
2,200 MARKEL CORP. 204,600
2,500 NAVIGATORS GROUP INC 44,375
13,000 SAFECO CORP 459,875
3,300 STATE AUTO FINL CORP. 80,025
4,200 UNITED FIRE & GAS CO 128,100
INSURANCE
47,700 AFLAC INC 1,425,037
5,100 ACORDIA INC 172,125
11,900 AETNA LIFE & CAS CO 850,850
4,400 ALEXANDER & ALEXANDER SVC 86,900
15,300 ALFA CORP 168,300
2,700 ALLEGHANY CORP. NEW 518,400
9,200 ALLMERICA FINANCIAL CORP 273,700
46,300 ALLSTATE CORP. 2,112,437
20,400 AMBAC INC 1,063,350
16,000 AMERICAN ANNUITY 208,000
4,500 AMERICAN HERITAGE LIFE IN 98,437
49,000 AMERICAN INTL GROUP 4,832,625
17,000 AMERICAN RE CORP 762,875
5,700 AMERICAN TRAVELLERS CORP 131,100
3,300 AMVESTORS FINL CORP 51,975
20,600 AON CORP 1,045,450
9,100 ARGONAUT INC 284,375
800 BERKSHIRE HATHAWAY 24,560,000
3,800 BLANCH E W HLDGS INC 75,525
7,800 CIGNA CORP 919,425
3,700 CNA FINANCIAL CORP 381,100
13,500 CITIZENS CORP 253,125
6,100 CITIZENS INC 35,075
14,300 COMMERCE GROUP 298,512
21,400 CRAWFORD & CO 371,825
700 CROP GROWERS CORP 6,650
4,700 DANIELSON HLDG CORP 31,431
2,000 EMC INSURANCE GROUP 25,000
11,800 EQUITABLE IOWA COS 418,900
18,600 EVEREST REINSURANCE HLDGS 481,275
2,300 EXECUTIVE RISK INC 87,975
13,200 FHP INTERNATIONAL CORP 361,350
9,100 FINANCIAL SECURITY ASSUR 249,112
30,300 FIRST COLONY CORP 939,300
3,900 FOREMOST CORP OF AM 221,325
800 GUARANTEE LIFE COS INC 14,100
9,250 HCC INS HLDGS INC 208,125
5,100 HARLEYSVILLE GROUP INC 150,450
6,700 HARTFORD STEAM BOILER INS 329,137
4,400 HIGHLANDS INS GROUP INC 82,500
10,500 HORACE MANN EDUCATORS 333,375
12,100 ITT HARTFORD GROUP INC 644,325
9,200 JOHN ALDEN FINL CORP 203,550
21,600 LEUCADIA NATIONAL CORP 529,200
7,400 LIBERTY CORP 234,950
7,200 LIFE USA HOLDING INC 63,900
11,900 LOEWS CORP 938,612
6,000 MAIC HOLDINGS INC 223,500
18,300 MBIA INC. 1,425,112
20,800 MGIC INVT CORP WIS 1,167,400
3,300 MMI COS INC 101,887
7,000 MARSH & MCLENNAN CO. 675,500
2,600 MEADOWBROOK INS GROUP INC 79,950
9,900 MERCURY GEN CORP NEW 433,125
1,000 MIDLAND CO. 42,000
6,500 NAC RE CORP 217,750
3,800 NYMAGIC INC 71,725
1,200 NATIONAL WESTN LIFE INS 80,100
13,500 OHIO CASUALTY CORP 469,125
41,550 OLD REPUBLIC INTL CORP 893,325
12,700 THE PMI GROUP INC 539,750
2,600 PXRE CORP 63,050
3,500 PAUL REVERE CORP 96,250
3,000 POE & BROWN INC 74,250
23,500 PROGRESSIVE 1,086,875
14,900 PROVIDENT COMPANIES INC 551,300
8,300 PROVIDIAN CORP 355,862
2,800 RLI CORP 68,250
5,900 REINSURANCE GROUP AMER IN 222,725
25,600 RELIASTAR FINL CORP 1,104,000
5,500 RISK CAPITAL HOLDING INC 107,937
8,700 ST PAUL COS INC 465,450
3,200 SECURITY CONNECTICUT CORP 87,200
2,700 STEWART INFO SVCS CORP 54,337
3,675 TITAN HOLDINGS INC 51,450
6,100 TORCHMARK CORP 266,875
7,500 TRANSAMERICA CORP 613,125
7,500 TRANSATLNTC HLDGS INC 525,937
2,100 TRANSNATIONAL RE CORP 51,712
49,500 TRAVELERS INC. 2,258,437
18,400 TWENTIETH CENTURY INDS 305,900
7,500 UNUM CORP 466,875
11,800 USF & G CORP 193,225
25,600 UNITED STATIONERS INC. 627,200
4,700 UNITED WISCONSIN SERV INC 122,200
39,500 UNITRIN INC. 1,856,500
5,200 VESTA INSURANCE GROUP INC 173,550
2,300 WELLCARE MGT GROUP 21,562
2,600 WESCO FINANCIAL CORP 416,650
23,000 WESTERN NATIONAL CORP 422,625
LIFE INSURANCE
21,100 AMERICAN GENERAL CORP 767,512
14,800 AMERICAN NATL INS CO 962,000
19,300 BANKERS LIFE HLDG CORP 427,012
4,200 BOSTON BANCORP 181,650
28,800 CONSECO INC 1,152,000
3,300 HOME BEN CORP CL B 86,625
8,000 JEFFERSON PILOT CORP 413,000
2,200 KANSAS CITY LIFE INS CO 119,900
10,800 LINCOLN NATL CORP IND 499,500
12,500 PRESIDENTIAL LIFE CORP 129,687
3,500 USLIFE CORP 115,062
MUTUAL FUNDS
63,200 EQUITABLE COS INC 1,572,100
4,700 JOHN NUVEEN CO CL A 116,912
18,600 PRICE ASSOCIATES 571,950
35,000 UNITED ASSET MGMT CORP 857,500
REAL ESTATE
10,800 CASTLE & COOKE 172,800
19,200 DANAHER CORP 835,200
6,800 INSIGNIA FINL GROUP INC 185,300
800 MEGO FINANCIAL CORP CL B 6,200
8,700 PRICE ENTERPRISES INC 132,675
30,600 ROUSE CO 791,775
SAVINGS & LOANS
12,200 AHMANSON H F & CO 329,400
5,640 ALBANK FINANCIAL CORP 148,755
4,000 AMERICAN FED BK 67,000
3,200 ANCHOR BANCORP WIS INC 111,200
4,400 BANKERS CORP 77,000
2,600 BAYVIEW CAP CORP CALIF 88,400
1,600 CITFED BANCORP INC 62,600
3,800 FSF FINANCIAL CORP 45,125
2,300 FIRST FINANCIAL HOLDINGS 41,400
1,600 FIRST PALM BEACH BANCORP 34,200
15,300 GLENDALE FED BK FED SVGS 277,312
5,900 GOLDEN WEST FINL CORP 330,400
4,700 GREAT FINANCIAL CORP 121,612
14,100 GREAT WESTERN FINL 336,637
20,000 GREENPOINT FINANCIAL CORP 565,000
4,600 IBS FINANCIAL CORP 59,800
4,000 JEFFERIES GROUP INC 124,000
4,000 LIFE BANCORP INC 56,500
2,000 MAF BANCORP INC 49,000
1,700 MAGNA BANCORP INC 63,325
4,900 NEW YORK BANCORP INC 124,950
1,400 NORTH SIDE SAVINGS BANK 48,650
9,900 PEOPLES HERITAGE FINL 201,712
3,500 RELIANCE BANCORP INC 54,687
3,600 SECURITY CAPITAL CORP 214,200
3,800 T R FINANCIAL CORP 104,500
16,200 WASHINGTON FEDERAL INC 332,100
10,200 WILEY, JOHN & SON CL A 295,800
7,800 WORLD ACCEP CORP SC NEW 56,550
BROKERAGE
40,635 BEAR STEARNS COS INC 960,002
38,200 COUNTRYWIDE CREDIT INC 945,450
20,300 EDWARDS A G INC 550,637
26,800 FRANKLIN RESOURCES 1,634,800
38,200 LEHMAN BROS HLDGS INC 945,450
17,900 MERRILL LYNCH & CO 1,165,737
6,800 MORGAN KEEGAN INC 90,100
16,000 MORGAN STANLEY GRP INC 786,000
32,800 PAINE WEBBER GROUP INC 779,000
11,000 SALOMON INC 484,000
56,100 SCHWAB CHARLES CORP NEW 1,374,450
MISCELLANEOUS
11,300 HEALTHCARE COMPARE CORP 550,875
9,200 HOME FINANCIAL CORP FLA 119,600
2,800 ISB FINANCIAL CORP 41,300
3,200 MCDONALD & CO INVESTMENTS 63,200
8,400 PMT SERVICES INC 240,450
5,800 STANDARD FINANCIAL INC 95,700
3,100 TFC ENTERPRISES INC 7,362
7,100 TELLABS INC 474,812
3,500 TRANSMEDIA NETWORK 30,625
1,800 VERMONT FINL SVCS CORP 56,700
TOTAL FINANCIAL $206,424,086
METALS AND MINING 1.26%
ALUMINUM
18,500 ALUMINUM CO AMER 1,061,438
13,200 KAISER ALUMINUM CORP 145,200
MINING
3,700 ASHLAND COAL 95,738
37,500 FREEPRT COPPER&GOLD CL A 1,120,313
14,000 HOMESTAKE MNG CO 239,750
9,900 MAPCO INC 558,113
7,400 MINERALS TECHNOLOGIES INC 253,450
6,700 NEWMONT GOLD CO 337,513
3,100 PITTSON MINERALS GROUP 40,688
13,600 SANTA FE PACIFIC GOLD 192,100
STEEL
9,600 AK STEEL HOLDING CORP 375,600
11,000 ARMCO, INC. 55,000
11,700 BETHLEHEM STEEL CORP 138,938
5,300 CARPENTER TECHNOLOGY CORP 169,600
10,500 CHAPARRAL STL CO. 137,813
4,000 CLEVELAND CLIFFS INC 156,500
9,700 GENEVA STL CL A 54,563
900 GIBRALTAR STEEL CORP 18,225
8,300 HARSCO CORP 558,175
4,800 INLAND STEEL INDUS INC 94,200
14,300 J & L SPECIALTY STEEL INC 212,713
39,500 LTV CORP NEW 449,312
4,800 LUKENS INC 114,600
7,600 NATIONAL STL CORP CL B 82,650
9,000 NUCOR CORP 455,625
6,400 OREGON STEEL MILLS 88,000
3,000 RELIANCE STEEL & ALUMINUM 109,500
6,900 REPUBLIC ENGINEERED STEEL 24,150
9,700 ROUGE STEEL CO CL A 208,550
2,200 SCHNITZER STEEL INDS INC 58,850
4,900 SHILOH INDUSTRIES INC 79,012
13,900 TERRA INDUSTRIES 172,012
4,500 TRIMAS CORP 105,187
5,000 US LONG DISTANCE CORP 177,500
12,600 WCI STEEL INC 66,150
17,600 WEIRTON STL CORP 52,800
9,200 WORTHINGTON INDS INC 192,050
OTHER METALS
4,400 ASARCO INC 121,550
2,900 BARNES GROUP INC. 148,262
26,700 BATTLE MOUNTAIN GOLD CL A 193,575
5,300 BRUSH WELLMAN INC 100,700
3,700 CHASE BRASS INDUSTRIES 68,912
5,800 CITATION CORP 69,600
3,500 EASCO INC 28,875
22,100 FREEPORT-MCMORAN COPPER-B 704,437
8,700 KENNAMETAL INC 295,800
5,300 NN BALL & ROLLER INC 109,975
7,700 NEWMONT MNG CORP 380,187
3,900 NEWPARK RESOURCES INC NEW 143,325
7,100 PHELPS DODGE CORP 442,862
6,500 REYNOLDS METALS CO 338,812
7,900 TRIMBLE NAV LTD 152,075
12,900 WYMAN-GORDON CO 228,975
PRECIOUS GEMS
10,400 FMC GOLD COMPANY 46,800
MINERALS
36,400 AMAX GOLD INC 200,200
9,600 CYPRUS AMAX MINERALS CO 217,200
COAL
900 NACCO INDUS INC CL A 49,837
FOREST PRODUCTS
62,000 SCHULLER CORP 643,250
MISCELLANEOUS
4875 CASTLE A M & CO 115,172
1,870 VARLEN CORP 39,270
TOTAL METALS MINING $13,291,229
COLLECTIBLES & PRECIOUS MATER 0.04%
JEWELRY
5,200 TIFFANY & CO 379,600
MISCELLEANEOUS
15,500 TOPPS CO 87,188
TOTAL COLLECTIBLES & PRECIOUS MATERI $466,788
OIL-ENERGY 5.89%
OIL & GAS PRODUCERS
21,100 TRITON ENERGY LTD-CLASS A 1,025,988
6,800 J RAY MCDERMOTT S A 170,000
7,900 TEEKAY SHIPPING CORP 207,375
9,400 AMERADA HESS CORP 504,075
51,300 AMOCO CORP 3,712,838
19,400 ANADARKO PETE CORP 1,125,200
24,800 APACHE CORP 815,300
4,700 AQUILA GAS PIPELINE CORP 61,100
9,200 BJ SVCS CO COM 323,150
7,700 BERRY PETE CO 87,588
7,600 BROWN TOM INC NEW 130,150
2600 CMS ENERGY CORP CLASS G 48,750
6,200 CAIRN ENERGY USA INC 89,125
5,600 CAPSURE HOLDINGS CORP 100,100
6,300 CHESAPEAKE ENERGY CORP 566,213
10,900 COASTAL CORP 455,075
9,600 DIAMOND SHAMROCK R&M INC 277,200
4700 EDISTO RESOURCES CORP 47,000
7100 ENSERCH CORP 154,425
12800 FALCON DRILLING CO INC 347,200
5600 FLORES & RUCKS INC 193,200
800 FORCENERGY INC 15,100
4,400 FOREST OIL CORP 59,950
22,400 FREEPORT MCMORAN INC 795,200
6,900 GLOBAL INDS LTD 205,275
2,266 H S RESOURCES INC 26,345
2500 HELMERICH & PAYNE INC. 91,563
2,500 HONDO OIL & GAS CO 27,813
5,900 KELLEY OIL & GAS CORP 23,600
10,300 LOUIS DREYFUS NAT GAS CRP 154,500
16,200 MARINE DRILLING COS INC 164,025
30,300 MITCHELL ENGY & DEV CL B 590,850
36,400 NGC CORPORATION 546,000
27700 NABORS INDS INC 450,125
16,500 NOBLE AFFILIATES INC 622,875
10,700 NOEL GROUP INC 92,288
3,400 NUEVO ENERGY 109,650
32,900 OCCIDENTAL PETROLEUM 814,275
2,600 ONEOK INC 65,000
2,000 PENN VA CORP 70,000
2800 PROVIDENCE ENERGY CORP 48,300
13400 QUESTAR CORP 455,600
9,300 SANTA FE ENERGY RES INC 110,438
11,900 SEAGULL ENERGY CORP 297,500
3,400 STONE ENERGY CORP 68,000
9,100 TATHAM OFFSHORE INC 7,963
21,600 TENNECO INC 1,104,300
9,200 TESORO PETE CORP 105,800
4,600 TEXAS MERIDIAN RES CORP 41,400
17,253 TOSCO CORP COM NEW 866,963
27,800 TRANSTEXAS GAS CORP 264,100
34800 USX-MARTHON GROUP COM NEW 700,350
4,000 USX-DELHI GROUP 49,000
8,600 USX-US STEEL GROUP 244,025
13,200 UNION PACIFIC RESOURCES 353,100
33,000 UNION TEX PETRO HLDG INC 643,500
14,400 VALERO ENERGY CORP 360,000
9,900 VARCO INTL INC 179,438
6,000 VASTAR RES INC 224,250
7,400 WAINOCO OIL CORP 23,125
15,000 WESTERN GAS RESOURCES 243,750
31,200 WHLBRTR TECH INC PAR .01 475,800
72,300 XCL LTD 22,594
11,600 ZAPATA CORP NEW 42,050
NATURAL RESOURCES
18,800 DRESSER INDUS INC 554,600
5,300 KERR MCGEE CORP 322,638
3,300 LOUISIANA LD & EXPL CO 190,163
11,700 NL INDUSTRIES COM NEW 143,325
8,300 PETROLEUM HEAT & PWR CLA 64,325
13,100 SMITH INTL INC 394,638
3,700 TRIGEN ENERGY CORP 69,838
10,500 WILLIAMS COS INC-DEL 519,750
OIL EQUIPMENT, WELLS & SVCS
6,400 ASHLAND, INC. 253,600
17,400 BAKER HUGHES INC 572,025
4,000 BELDEN AND BLAKE CORP 83,000
23,263 ENSCO INTERNATIONAL INC 756,031
5,200 ENERGY VENTURES 169,000
3,200 ENRON GLOBAL PWR & PIPELI 77,600
4,100 GETTY PETE CO. 61,500
4,400 GIANT INDS INC 63,800
54,300 GLOBAL MARINE NEW 753,413
11,800 HALLIBURTON CO 654,900
4,200 LOMAK PETE INC 59,850
4,400 LUFKIN INDUST. 90,200
6,200 MATRIX SVC CO. 41,075
4,100 NUI CORP 73,288
11,500 PARKER & PARSLEY CO 319,125
18,400 PARKER DRILLING CO 105,800
4,400 RPC ENERGY SVCS INC 50,600
8,800 ROWAN COS INC 129,800
1,300 SEACOR HOLDINGS INC 58,175
17,600 TIDEWATER INC 772,200
16,300 WEATHERFORD ENTERRA INC 489,000
5,300 WESTERN ATLAS INC 308,725
20,200 READING & BATES NEW 446,925
OIL - DOMESTIC
13,100 BURLINGTON RESOURCES INC 563,300
1,700 CROWN CENT PETE CL A 25,713
11,200 EL PASO NAT GAS CO. 431,200
56,200 ENRON OIL & GAS CO 1,566,575
1,600 FINA IN CL A 88,400
3,000 HOLLY CORP 75,000
7,600 LONE STAR TECHNOLOGY INC 85,500
4,600 PENNZOIL CO 212,750
27,100 PHILLIPS PETE CO 1,134,813
10,700 QUAKER STATE CORP 160,500
8,800 SONAT INC 396,000
6,450 TEJAS GAS CORP DEL 224,138
25,600 UNOCAL CORP 864,000
OIL - INTERNATIONAL
16,600 ATLANTIC RICHFIELD CO 1,967,100
67,400 CHEVRON CORP 3,976,600
128,300 EXXON CORP. 11,146,063
14,100 GLOBAL NAT RES INC 230,888
40,900 MOBIL CORP 4,596,138
14,800 MURPHY OIL CORP 671,550
10,900 ORYX ENERGY COMPANY 177,125
8,300 SUN CO INC 252,113
27,300 TEXACO INC 2,289,788
7,700 UNIFIRST CORP MASS 162,663
TOTAL OIL-ENERGY $62,243,658
RETAIL 4.12%
DEPARTMENT STORES
2,000 ALEXANDERS INC 145,250
900 BON-TON STORES INC 4,613
11,400 CALDOR CORP. 29,925
7,400 DAYTON HUDSON CORP 763,125
11,700 DILLARD DEPT STORES 427,050
6,600 DOLLAR TREE STORES INC 209,550
20,900 FEDERATED DEPT STORES INC 713,213
2,600 HILLS STORES CO NEW 23,075
47,400 K MART 586,575
24,200 KOHLS CORP 886,325
25,800 MAY DEPT STORES CO 1,128,750
10,800 MELVILLE CORP 437,400
3,800 MERCANTILE STORES 222,775
8,700 MEYER INC 255,563
11,300 NEIMAN-MARCUS GROUP 305,100
23,800 PENNEY JC INC 1,249,500
40,300 SEARS ROEBUCK & CO 1,959,588
13,700 WOOLWORTH CORP 308,250
GROCERY
26,400 ALBERTSON'S INC 1,092,300
15,400 AMERICAN STORES CO 635,250
23,700 BRUNOS INC NEW 325,875
3,500 DELCHAMPS INC. 84,875
262,100 FOOD LION CLASS A 2,080,419
6,000 GIANT FOOD INC 215,250
3,900 GREAT ATLANTIC & PAC TEA 128,213
13,800 HANNAFORD BROS. CO 450,225
12,800 KROGER CO 505,600
4,000 PENN TRAFFIC CO NEW 34,000
5,400 QUALITY FOOD CENTERS INC 139,050
15,200 RUDDICK CORP 199,500
88,700 SAFEWAY INC 2,927,100
120,200 SOUTHLAND CORP 364,356
18,400 STOP & SHOP COS INC NEW 614,100
14,300 VONS COS INC. 534,463
19,100 WEIS MKTS INC 623,138
15,900 WINN-DIXIE STORES INC 562,463
OTHER RETAIL
16,500 ACCUSTAFF INC 449,625
6,500 BABY SUPERSTORE INC 107,250
13,900 BEST BUY INC. 317,963
11,400 BEST PRODS INC 18,881
5,700 CARR-GOTTSTEIN FOODS CO 24,225
10,000 CIRCUIT CITY STORES 361,250
17,800 CONSOLIDATED STORES CORP 654,150
20,040 CORPORATE EXPRESS INC 801,600
1,000 DART GROUP CORP. 89,000
23,375 DOLLAR GENERAL 683,719
26,400 ECKERD CORP 597,300
3,100 EZCORP INC CL A NON-VTG 20,925
18,700 FAMILY DOLLAR STORES 324,913
15,000 FINGERHUT COS INC 234,375
3,700 FLEMING COS 53,187
11,130 GENERAL HOST 30,607
4,900 GOOD GUYS INC. 42,875
7,000 HANCOCK FABRICS INC 77,000
10,600 HASBRO INC 378,950
13,000 HOLLYWOOD ENTERTAINMENT 201,500
30,400 HOME SHOPPING NETWORK 364,800
9,200 IDEX CORP 349,600
11,400 INTELLIGENT ELEC INC 96,900
2,300 LONGS DRUG STORES CORP 102,637
8,500 MAC FRUGALS BARGINS CLOSE 150,875
28,500 MATTEL INC 815,812
6,300 PEP BOYS-MAN, MO, JACK 214,200
3,450 PETCO ANIMAL SUPPLIES 99,187
20,100 PRICE/COSTCO INC 434,662
8,800 RITE AID CORP 261,800
32,800 SERVICE MERCHANDISE CO 184,500
4,100 SODAK GAMING INC 125,050
6,300 SUN TV & APPLIANCES INC 22,837
4,900 SUPERVALUE INC 154,350
6,600 SYMS CORP. 48,675
7,700 TANDY CORP 364,787
5,600 TOY BIZ INC 113,400
31,000 TOYS R US 883,500
11,000 WABAN INC 262,625
237,000 WAL MART STORES INC 6,013,875
25,500 WALGREEN CO 854,250
6,200 XTRA CORP 274,350
SPORTING GOODS
4,200 CONVERSE INC 17,850
5,600 JUST FOR FEET INC 296,100
9,200 REEBOK INTL LTD 309,350
2,100 SPORTMART INC 7,875
APPAREL
3,400 BLAIR CORP 80,325
2,600 BUCKLE INC 89,050
15,500 BURLINGTON COAT WHS 162,750
20,100 BURLINGTON INDS INC 283,912
16,400 CML GROUP 69,700
9,900 CHARMING SHOPPES INC 69,919
10,200 CLAIRES STORES INC 281,775
4,600 EDISON BROS STORES 10,350
29,800 GAP INC 957,325
6,100 GOODYS FAMILY CLOTHING 62,525
8,700 NORDSTROM INC 387,150
4,128 PAYLESS SHOESOURCE INC 131,064
MISCELLANEOUS
2,600 CREATIVE COMPUTERS INC 21,125
6,750 DELTA & PINE LAND CO 285,187
2,300 FRIEDMANS INC CL A 58,650
2,500 GARDEN RIDGE CORP 126,250
17,700 PETSMART INC 845,175
3,700 SAFETY 1ST INC 30,987
5,800 URBAN OUTFITTERS INC 146,450
TOTAL RETAIL $43,564,615
UTILITIES 9.73%
ELECTRIC
24,600 AES CORP 694,950
500 ACME ELECTRIC CORP 3,813
39,200 ALLEGHENY PWR SYS INC 1,210,300
19,300 AMERICAN ELEC PWR INC 822,663
17,400 ATLANTIC ENERGY INC 317,550
15,200 BALTIMORE GAS & ELEC 431,300
4,800 BLACK HILLS CORP 119,400
18,100 BOSTON EDISON CO 461,550
12,600 CIPSCO INC 486,675
29,900 CMS ENERGY CORP 923,163
16,500 CALENERGY INC 420,750
14,400 CAROLINA PWR & LT CO 547,200
73,400 CENTERIOR ENERGY CORP 541,325
19,500 CENTRAL & SOUTH WEST CORP 565,500
7,300 CENTRAL LOUISIANA EL-NEW 194,363
10,600 CENTRAL MAINE PWR CO 153,700
16,200 CINERGY CORP 518,400
141224 CITIZENS UTILS CO CL A 1,624,076
19,600 CON. EDISON NY INC 573,300
30,700 DQE INC 844,250
77,400 DPL INC 1,886,625
14,900 DTE ENERGY CO 460,038
19,700 DELMARVA PWR & LT CO 413,700
5600 DESTEC ENERGY INC 71,400
17900 DOMINION RES INC-VA 716,000
21200 DUKE POWER CO 1,086,500
46100 EDISON INTERNATIONAL 812,513
8,900 EMPIRE DIST ELEC CO 153,525
42,700 ENOVA CORPORATION 987,438
21,200 ENTERGY CORP NEW 601,550
19,000 FPL GROUP INC 874,000
31,300 FLORIDA PROGRESS CORP 1,087,675
10200 GENERAL PUB UTILS CRP 359,550
9,600 HAWAIIAN ELEC INDUS INC 340,800
27,200 HOUSTON INDS INC 669,800
10,900 IES INDS INC 325,638
12,300 IDAHO PWR CO 382,838
24,900 ILLINOVA CORP 715,875
7,400 INDIANA ELEC INC 211,825
18600 IPALCO ENTERPRISES INC 488,250
25,300 KU ENERGY CORP 755,838
20,300 KANSAS CTY PWR & LT CO 558,250
21,800 LG&E ENERGY CORP 498,675
10,000 LONG ISLAND BANCORP INC 305,625
44,100 LONG ISLAND LTG CO 738,675
16,900 MDU RESOURCES GROUP INC 363,350
5,900 MADISON GAS & ELECTRIC 126,850
32,900 MIDAMERICAN ENERGY CO 567,525
10300 MINNESOTA PWR & LT CO 292,263
17,600 MONTANA PWR CO 391,600
21,100 NIPSCO INDUSTRIES INC 849,275
15,300 NEVADA PWR CO 336,600
21,400 NEW ENGLAND ELEC SYS 778,425
23,300 NEW YORK ST ELEC & GAS 567,938
14,900 NIAGARA MOHAWK PWR 115,475
41,100 NORTHEAST UTILS 549,713
7,000 NORTHERN STS PWR CO 345,625
3,100 NORTHWESTERN PUB SVC 83,313
15,800 OHIO EDISON CO 345,625
13,200 OKLAHOMA GAS & ELEC CO 523,050
4,100 OTTER TAIL POWER CO 133,250
22900 PECO ENERGY CO 595,400
16,300 P P & L RESOURCES INC 385,088
46,300 PACIFIC GAS & ELEC 1,076,475
29,300 PACIFICORP 651,925
28,800 PINNACLE WEST CAP CORP 874,800
16,700 PORTLAND GENL CORP 515,613
38,600 POTOMAC ELEC PWR CO 1,022,900
20,700 PUBLIC SVC COLORADO 760,725
13,800 PUBLIC SVC NEW MEXICO 282,900
24,700 PUBLIC SVC ENTERPRISE GRP 676,163
20,900 PUGET SOUND PWR & LT CO 506,825
19,100 ROCHESTER GAS & ELEC 410,650
2,700 ST. JOSEPH LGT & PWR CO 74,925
33,800 SCANA CORP 950,625
10,600 SIG CORP INC 367,025
68,700 SOUTHERN CO 1,691,738
13,400 SOUTHWESTERN PUB SVC 437,175
38,300 TECO ENERGY 967,075
11,720 TUCSON ELECTRIC POWER CO 158,220
16,300 UNICOM CORPORATION 454,363
7700 UNION ELECTRIC CO 309,925
14,700 UTILICORP UNITED INC 406,087
10,100 WPL HOLDING INC 332,037
19,900 WASHINGTON WTR PWR 370,637
23,300 WESTERN RES INC 696,087
35,800 WISCONSIN ENERGY CORP 1,033,725
6900 YANKEE ENERGY SYS INC 150,075
GAS
17600 AGL RESOURCES 332,200
7,600 BAY STATE GAS CO COMM 211,850
15,900 BROOKLYN UNION GAS CO 433,275
5,100 COLUMBIA GAS SYS INC 265,837
10,000 CONSOLIDATED NATL GAS 522,500
13,100 EQUITABLE RESOURCES 370,075
9000 LACLEDE GAS CO 201,375
21,700 MCN CORP HLDG CO 528,937
12,300 NATIONAL FUEL GAS CO NJ 442,800
5,300 NICOR INC 150,387
8,200 NORAM ENERGY CORP 89,175
2,300 NORTH CAROLINA NTL GAS 63,250
8,500 PACIFIC ENTERPRISES 251,812
15500 PANENERGY CORPORATION 509,562
3,500 PEOPLES ENERGY CORP 117,250
300 SJW CORP 9,975
6,400 SOUTH JERSEY INDUSTRIES 136,000
5,565 SOUTHEASTERN MICH GAS 97,387
5,333 SOUTHERN UNION CO NEW 117,326
26,700 TEXAS UTILITIES CO 1,141,425
13,700 UGI CORP 301,400
14,000 WPS RESOURCES CORP 442,750
14000 WASHINGTON GAS LIGHT 308,000
TELEPHONE
2,800 ACC CORP 136,150
163,000 A T & T 10,106,000
19,500 ALLTEL CORP 599,625
57,300 AMERITECH CORP NEW 3,402,187
45,100 BELL ATLANTIC CORP 2,875,125
102,600 BELLSOUTH CORP 4,347,675
7,100 CAI WIRELESS SYS INC 65,675
19,200 CENTURY TELEPHONE ENTERP 612,000
26,500 CINCINNATI BELL INC 1,381,312
26,100 ENRON CORP 1,066,837
52100 FRONTIER CORP 1,595,562
100,100 GTE CORP 4,479,475
18,900 INTERDIGITAL COMM CORP 160,650
11,800 LINCOLN TELECOM. 193,225
69,600 MCI COMMUNICATIONS 1,783,500
32,400 NYNEX CORP 1,539,000
44,300 PACIFIC TELESIS GROUP 1,495,125
21,400 SOUTHERN NW ENGL TELECOM 898,800
49,000 SPRINT CORP 2,058,000
38,700 U S WEST INC 1,238,400
39,000 U S WEST MEDIA GROUP 711,750
3,600 UTAH MED PRODS INC. 45,450
19,700 WORLDCOM INC 1,090,887
WATER & SEWER
11,000 AMERICAN WATER WORKS CO 440,000
4,600 CALIFORNIA WTR SVC CO 161,000
7,100 CULLIGAN WATER TECH INC 269,800
2,900 E TOWN CORP 80,475
3,400 IWC RES CORP 60,775
6900 UNITRODE CORP. 133,687
WASTE DISPOSAL
11,100 ALLIED WASTE INDS INC 98,512
24,100 AMER WASTE SVCS CL A 78,325
22,000 BROWNING FERRIS IND 638,000
10100 ENVIROTEST SYS CORP CL A 27,775
9000 MID-AMER WAST SYS INC 8,437
20250 USA WASTE SERVICES INC 599,906
12000 UNITED WATER RESOURCES 154,500
50,000 WMX TECHNOLOGIES INC 1,637,500
TOTAL UTILITIES $102,801,541
MISCELLANEOUS 11.59%
BROADCAST/COMMUNICATIONS
4,400 AMERICAN PAGING, INC 32,725
5,700 ARCH COMMUNICATIONS GROUP 106,163
33,900 ASCEND COMMUNICATIONS INC 1,906,875
11,800 BHC COMMUNICATIONS INC 1,153,450
6800 BET HLDGS INC CLA A 179,350
16,600 CASCADE COMMUNICATIONS CO 1,128,800
5,900 CENTENNIAL CELLULAR CORP 99,563
26,700 CENTRY COMM CL A 226,950
1,100 CHANCELLOR BROADCASTING 34,375
7,600 CITICASTERS INC 237,500
12,900 CLEAR CHANNEL COMM INC 1,062,638
27,900 COMCAST CORP CL A SPL 516,150
55,000 DISNEY WALT CO 3,458,125
5900 EVERGREEN MEDIA CORP CL A 252,225
15,540 GAYLORD ENTMT CO CL A 439,005
12,771 HARTE-HANKS COMM INC 354,395
3,800 INACOM CORP 71,250
4,800 INTER TEL 125,700
800 INTERCEL INC 16,000
3,500 JONES INTERCABLE INC. 50,313
2,600 KATZ MEDIA GROUP INC 37,375
48,400 MFS COMMUNICATIONS CO INC 1,821,050
4,700 METRICOM INC 74,025
5,000 METROCALL INC 55,625
8,000 NATIONAL INSTRUMENTS 180,000
4,200 NUMEREX CORP 22,575
4000 ORTEL CORP 98,000
10,800 PAIRGAIN TECHNOLOGIES 669,600
3,600 PEOPLES CHOICE TV CORP 65,700
2,600 PLANTRONICS INC NEW 95,550
8,300 PLAYBOY ENTERPRISES CL B 122,425
2,300 SFX BROADCASTING INC CL A 89,700
7,500 SPELLING ENTERTAINMENT 57,188
70,900 TELE COMM. INC CL A 1,285,063
53,800 TELE COMM LIBERTY MEDIA 1,425,700
8,600 TELULAR CORP 50,525
6,500 TENNANT CORP 169,000
7,900 UNITED INTL HLDGS CLASS A 108,625
72,200 VIACOM INC 2,752,625
37,300 VIACOM INC CL B NON VTG 1,450,038
2,400 XPEDITE SYSTEMS INC 64,200
BUSINESS SERVICES
29,200 ADAPTEC INC 1,383,350
1,300 ALTERNATIVE RESOURCES CRP 47,775
18,900 APOLLO GROUP INC CL A 529,200
2700 APPLIX INC 77,625
2,200 BHC FINANCIAL INC 30,800
2,300 BRC HOLDINGS INC 82,800
5,100 BAREFOOT INC 56,100
18,000 BAY NETWORKS INC 463,500
3,700 BERLITZ INTL - NEW 78,625
10700 BLOCK H&R INC 349,088
14000 CUC INTERNATIONAL 497,000
15900 CAMBRIDGE TECHNOLOGY PART 484,950
3900 CAREER HORIZONS INC 136,500
500 CHILDRENS DISCOVERY CTRS 3,375
13,700 CONCORD EFS INC 486,350
4,350 CORESTAFF INC 194,663
15,600 DUN & BRADSTREET 975,000
7,800 ECOLAB INC 257,400
2600 EDUCATION ALTERNATIVES 8,775
6,200 EGGHEAD INC/WA 68,975
51,000 EQUIFAX INC 1,338,750
1,700 EQUITY CORP INTL 45,900
14,700 FISERV INC 441,000
10,100 FLIGHTSAFETY INTL INC 547,925
1,900 GMIS INC. 22,800
2700 GRC INTERNATIONAL INC COM 103,613
3,100 IN FOCUS SYSTEMS INC 75,175
7,000 INTEGRATED SYS INC 280,438
833 INTEGRATED SYS CONS GROUP 16,244
880 INTERIM SERVICES INC 37,840
7,900 INTERPUBLIC GROUP COS 370,313
4,700 INVESTMENT TECHNOLOGY GRP 63,450
12,600 KELLY SERVICES INC CL A 368,550
4,700 LABONE INC 77,550
3100 LAWYERS TITLE CORP 55,800
800 LEASING SOLUTIONS INC 12,600
24,700 MANPOWER INC WIS 969,475
10,050 MCAFEE ASSOCS INC 492,450
16,800 MEDAPHIS CORP 667,800
13,400 METROMEDIA INTL GROUP 164,150
11,300 NATIONAL ED 161,025
4,000 NORRELL CORP 196,500
4,900 OGDEN CORP 88,813
22,700 OLSTEN CORP 666,812
2,000 OXFORD RESOURCES CRP CL A 46,500
5,600 PHH CORP. 319,200
38,400 PAGING NETWORK INC 921,600
22200 PAYCHEX INC 1,068,375
2,700 PERSONNEL GROUP AMER INC 66,487
1,900 PHYMATRIX CORP 44,175
15,500 PHYSICIAN COMPUTER NETWK 179,219
3,600 PINKERTONS INC. NEW 83,250
1,100 PROTECTION ONE INC 18,012
9,200 QUARTERDECK OFFICE SYS 86,250
20,600 ROBERT HALF INTL INC. 574,225
11,800 ROLLINS INC 277,300
800 RURAL / METRO CORP 27,400
4,100 SPS TRANSACTION SVCS INC 73,800
19,900 SUN MICROSYSTEMS 1,171,612
4,100 SYLVAN LEARNING SYS INC 154,775
3,300 UNITOG CO NEW 93,225
14,100 STEWART ENTERPRISES CL A 440,625
3,500 THOMASTON MILLS CL A 36,750
FOOD SERVICE
15,000 APPLE SOUTH INC 401,250
14,100 BOB EVANS FARMS 239,700
21,700 BOSTON CHICKEN INC 705,250
25,000 BRINKER INTL 375,000
10300 BUFFETS INC 126,175
6,800 CKE RESTAURANTS INC 173,400
15,000 CPC INTL INC 1,080,000
19,800 CRACKER BARREL CTRY STORE 480,150
16,300 DARDEN RESTAURANTS INC 175,225
3,600 DAVE & BUSTER'S INC 96,300
19600 DOLE FOOD COMPANY 842,800
4200 HOMETOWN BUFFET INC 59,325
7500 INTL DAIRY QUEEN INC CL A 165,000
6000 INTERNATL MULTIFOODS 109,500
6,800 LANDRY'S SEAFOOD REST 168,300
14,100 LONE STAR STEAKHOUSE 532,275
2,700 LUBYS CAFETERIAS INC 63,450
26,900 MCCORMICK & CO 595,162
71,700 MCDONALDS CORP 3,351,975
6400 MICHAEL FOODS INC 74,400
3,800 MORRISON HEALTH CARE INC 53,200
2,850 MORRISON FRESH COOKING 14,962
17,100 NPC INTERNATIONAL 173,137
14,100 OUTBACK STEAKHOUSE INC 486,230
2,800 QUALITY DINING INC 91,700
5,500 ROCK BOTTOM RESTAURANTS 66,000
5700 RUBY TUESDAY INC 128,962
6,500 RYANS FAMILY STEAK HOUSE 60,125
8,600 SAVANNAH FOODS & IND INC 110,725
4,400 SHONEY'S INC 47,850
19,600 SIZZLER INTL INC 61,250
47,500 TYSON FOODS INC CL A 1,300,312
12,500 WENDYS INTL INC 232,812
HOTEL & MOTEL
7400 RENAISSANCE HOTEL GROUP 157,250
5,800 BRISTOL HOTEL CO 188,500
33,500 CIRCUS CIRCUS ENTPR 1,373,500
800 CONSOLIDATED PRODUCTS INC 13,200
5,000 DOUBLETREE CORPORATION 177,500
800 EXTENDED STAY AMERICA INC 25,200
33,000 HFS INC 2,310,000
500 HAMMONS JOHN Q HOTELS 5,437
3,200 HARVEYS CASINO RESORTS 68,000
5,900 HILTON HOTELS CORP 663,750
8,900 HOLLYWOOD CASINO CRP CL A 61,187
14,100 HOST MARRIOTT SERVICES 102,225
70,500 HOST MARRIOTT CORP 925,312
12100 ITT CORP NEW 801,625
19,900 LA QUINTA MTR INNS 666,650
12,900 MARRIOTT INTL INC. 693,375
30,100 MIRAGE RESORTS INC 1,625,400
5,850 PAPA JOHNS INTL INC 285,188
11,600 PRIMADONNA RESORTS INC 266,800
16,500 PROMUS HOTEL CORP 488,813
9,700 RED LION HOTELS INC 203,700
6,800 RED ROOF INNS INC 96,050
7,700 RIO HOTEL & CASINO 118,388
6,700 S BARRO INC 168,338
3,000 SHOLODGE INC 37,500
4,100 UNO RESTAURANT CORP 30,750
HOUSING
2,400 BEAZER HOMES USA INC 38,400
3,200 KAUFMAN & BROAD HOME CORP 46,400
16,100 LENNAR CORP 402,500
4,700 MCGRATH RENTCORP 105,750
2,700 PULTE CORP 72,225
6000 WEST CO INC 180,000
MED SERV & SUPPLIES
4,400 ADVANCED TECHNOLOGY LABS 160,600
2,300 APOGEE INC 12,362
4,950 BEC GROUP INC 21,656
9500 BECKMAN INSTRS INC NEW 361,000
2550 BIO RAD LABS INC. CL A 91,481
15700 BIO TECHNOLOGY GEN CORP 130,506
12200 BIOMET INC 175,375
21,038 BOSTON SCIENTIFIC 946,710
4,300 CNS INC 104,275
13,600 CHIRON CORP 1,332,800
3,400 CONMED CORP 90,525
9,900 CRYOMEDICAL SCIENCES INC. 21,656
13900 CYTOGEN CORP 125,969
1,700 CYCARE SYSTEMS INC 88,612
13,800 DNA PLT TECHNOLOGY CORP 8,625
2,400 EMCARE HOLDINGS INC 71,400
5,300 EMPI INC 68,900
4,400 EPITOPE INC. 68,750
18,800 FOUNDATION HEALTH CORP 674,450
1200 GELMAN SCIENCES INC 27,150
9,400 GENZYME CORP 472,350
13,300 HAEMONETICS CORP 242,725
49,428 HEALTHSOUTH CORPORATION 1,779,408
15,150 HLTH CARE & RETIRMNT CORP 359,812
3,800 HEALTHPLAN SERVICES CORP 87,400
3,400 HEALTH MANAGEMENT INC 10,200
5,800 HEALTH MGMT SYSTEMS INC 184,150
26,700 HILLENBRAND INDUS INC 994,575
15,900 HUMANA INC 284,212
6900 HUMAN GENOME SCIENCES 253,575
5,900 INPHYNET MED MGMT INC 110,625
6,800 INTERMEDIA COMMUNICATIONS 219,300
10,100 ISOLYSER INC 121,200
4,700 ISOMEDIX INC. 69,912
38,400 IVAX CORP 609,600
16,400 KINETIC CONCEPTS INC 254,200
40,500 LABORATORY CORP AMER HLDG 303,750
5,700 LANDAUER INC. 120,412
2,500 LIFE TECH INC. 78,750
3,000 LUNAR CORP. 103,500
10,600 MALLINCKRODT GROUP INC 412,075
6,300 MANOR CARE INC 248,062
15,200 MATRIA HEALTHCARE INC 129,200
2,400 MAXXIM MEDICAL INC 41,100
6,300 MAXICARE HEALTH PLANS 118,912
2,300 MEDEX INC. 29,612
23,900 MEDTRONIC INC 1,338,400
6,100 NABI INC 57,950
2,600 NCS HEALTHCARE INC 78,650
10,000 NEUROMEDICAL SYSTEMS INC 150,000
21500 NOVACARE INC 163,937
4800 ORGANOGENESIS INC 97,200
22,100 ORNDA HEALTHCORP 530,400
3600 OWEN HEALTHCARE INC 49,950
10,200 PACIFICARE HEALTH SYS CLB 691,050
1,900 PET PRACTICE 16,387
18,000 QUORUM HEALTH GROUP INC 474,750
5,600 REGENCY HEALTH SERVICES 63,700
3,400 RESEARCH MEDICAL INC 75,225
4,400 SAFESKIN CORP 182,600
7,200 ST. JUDE MED INC. 241,200
23,300 SCIOS INC 154,362
2,300 SEROLOGICALS CORP 60,950
32,000 STRYKER CORP 728,000
3,300 SULLIVAN DENTAL PRODS INC 33,412
17,700 SUN HEALTHCARE GROUP INC 252,225
2,000 SYSTEMIX INC 36,000
3,400 TECHNE CORP 99,450
5,600 THERMO INSTR SYS INC COM 180,600
3,500 THERMOTREX CORP 172,375
17,400 VALUE HEALTH INC. 411,075
23,500 VENCOR INC 716,750
7,700 VENTRITEX INC 131,862
1,200 VITALINK PHARMACY SERVICE 27,900
4,736 WELLPOINT HEALTH NETWORKS 147,991
2,900 WESTAMERICA BANCORPATION 145,725
REAL ESTATE
26,600 CATELLUS DEV CORP 242,725
2,700 CENTEX CORP 84,037
1,900 FOREST CITY ENTER CL A 77,900
TRANSPORTATION
9,300 AMR CORP 846,300
8,600 APL LTD 224,675
6,900 AIRBORNE FREIGHT CORP 179,400
4,400 ALASKA AIR GROUP INC 120,450
15,100 ALEXANDER & BALDWIN 364,287
16,300 AMERICA WEST AIRLINES B 358,600
2,500 AMTRAN INC 20,625
8,800 ARNOLD INDS INC 125,400
11,000 ATLANTIC STHEAST AIR 310,750
5,300 AVONDALE INDS INC 95,400
14,800 BURLINGTON NRTHN SANTA FE 1,196,950
21,700 CSX CORP 1,047,025
4,000 CALIBER SYSTEM INC 136,000
700 CELADON GROUP INC 5,425
9,500 CONRAIL INC 630,562
4,300 CONSOLIDATED FREIGHTWAYS 90,837
7,600 CONTINENTAL AIRLS CL B 469,300
4,000 COVENANT TRANSPORT INC CL 68,000
5,300 DELTA AIR LINES INC 439,900
5,900 FEDERAL EXPRESS CORP 483,800
3,200 FLORIDA EAST COAST INDS 265,600
11,500 FRITZ COS INC 370,875
6,500 GATX CORP 313,625
4,200 GREENBRIER 58,275
12,200 GREYHOUND LINES INC 50,325
5,900 HARPER GROUP INC 115,050
12,700 HUNT JB TRANS SVCS INC 265,112
21,000 ILL CENT COR SER A 595,875
13,300 KANSAS CTY SOUTHERN INDS 570,237
800 KNIGHT TRANSPORTATION 16,400
14,400 NORFOLK SOUTHERN CORP 1,220,400
31,000 NORTHWEST AIR CL A 1,224,500
14,400 OMI CORP. 124,200
800 OLD DOMINION FGHT LINES 7,600
11,900 OVERSEAS SHIPHOLDING GRP 215,687
13,500 PITTSTON BRINKS GROUP 393,187
6,100 ROADWAY EXPRESS INC 86,162
8,100 RYDER SYSTEMS INC 227,812
54,700 SOUTHERN PAC RAIL CORP 1,367,500
14,900 SOUTHWEST AIRLINES CO 433,962
7,500 SWIFT TRANSN INC 143,437
58 TELEDYNE PFD SER E 892
4,700 TOWER AIR INC 23,500
18,800 UAL CORP NEW 1,010,500
800 USA TRUCK INC 8,400
21,200 UNION PACIFIC CORP 1,481,350
5,000 U S AIR GROUP 90,000
3,000 UNITED TRANSNET INC 73,875
18,600 VALUJET INC 175,537
8,600 WLR FOODS INC. 120,400
4,800 WESTERN PACIFIC AIRLINES 68,400
4,800 WORLDCORP INC 32,400
2,900 YELLOW CORPORATIONPTURE 38,425
MISCELLANEOUS
24,900 ROYAL CARRIBEAN CRUISES 709,650
7,300 AMERICAN CLASSIC VOYAGES 53,837
4,200 ANCHOR GAMING 253,050
9,000 ARGOSY GAMING CORP 66,375
17,400 AUTOTOTE CORP CL A 35,887
4,620 BHA GROUP INC CLA A 61,215
4,700 CFW COMMUNICATIONS CO 112,800
4,900 CASINO AMER INC 40,425
21,400 DISCOVERY ZONE INC 16,050
14,900 FEDERAL SIGNAL CORP 350,150
4,600 FLEETWOOD ENTERPRISES 142,600
21,400 GTECH HLDGS CORP 633,975
3,300 HANDLEMAN CO-DEL 22,687
13,300 HORSEHEAD RESOURCE 78,137
12,900 INTRNTL TECH. CORP 35,475
134,000 JOHNSON & JOHNSON 6,633,000
3,000 JOHNSON WORLDWIDE ASSOC 41,250
7,600 KINDERCARE LEARNING CTRS 116,850
2,200 MINE SAFETY APPLIANCES 90,200
2,000 OUTBOARD MARINE CORP 36,250
6,300 PRESIDENT CASINOS INC 10,631
2,300 PRINS RECYCLING CORP 3,306
46,400 REPUBLIC INDUSTRIES INC 1,351,400
5,800 SAFETY KLEEN CORP 101,500
13,000 STATION CASINOS INC 186,875
1,300 STRATOSPHERE CORP 7,800
3,000 TETRA TECH INC NEW 60,000
3,900 THERMO REMEDIATION INC 48,750
2,200 THERMO TERRATECH INC 26,400
3,500 UNION SWITCH & SIGNAL INC 29,750
9,800 WATTS INC 182,525
TELECOMMUNICATIONS
2,800 ALLTRISTA CORP 66,500
7,100 C TEC CORP 211,225
15,800 COMSAT CORPORATION 410,800
8,000 FIRST PAC NETWORKS INC 18,000
16,200 INTERNATIONAL CABLETEL 477,900
1,700 INTERNATIONAL SHIPHOLDING 29,325
24,200 LCI INTL INC 759,275
5,900 MASTEC INC 148,975
19,800 MOBILE TELECOMM TECH 289,575
4,100 ORION NETWORK SYSTEMS INC 44,075
63,000 SBC COMMUNICATIONS INC 3,102,750
4,400 TEKELEC 57,750
16,500 360 COMMUNICATIONS CO 396,000
TOTAL MISCELLANEOUS $122,436,853
POOLED FUNDS 0.10%
4,400 AVATAR HOLDINGS 151,250
4,300 BEARINGS INC. 116,100
5,200 COLONIAL GAS CO. 109,200
6,500 CONNECTICUT NATURAL GAS 145,438
7,500 JASON INC. 62,813
7,500 MEDCO RESH INC. 74,062
7,400 SMART & FINAL INC. 189,625
4,000 VARITY CORP. (NEW) 192,500
TOTAL POOLED FUNDS $1,040,988
TOTAL COMMON STOCK $1,054,458,644
OTHER
CASH EQUIVALENTS 0.20%
STIFS/MONEY MARKETS
2,071,079 AMERICAN AADVANTAGE MM 2,071,079
$2,071,079
TOTAL OTHER $2,071,079
INVESTMENTS $1,056,529,723
PURCHASE
2,500 DELTA AIRLINES INC 207,500
SOLD
4,000 NORRELL CORP. (196,500)
TOTAL INVESTMENTS -
(cost $1,016,229,507.07) 100.00% $1,056,540,723
